Der Konjunkturaufschwung geht ungebremst weiter. Hohes Exportwachstum und – begünstigt durch die Steuerreform – rege Inlandsnachfrage
führen in einigen Bereichen bereits zu Kapazitätsengpässen (Vorprodukte und Investitionsgüterproduktion). Von den Erweiterungsinvestitionen
in Industrie und Gewerbe profitiert die Bauwirtschaft. Die Besserung auf dem Arbeitsmarkt hält an, die Inflation beschleunigt
sich weniger als im Ausland.
Forschungsbereich:Makroökonomie und öffentliche Finanzen
Sprache:Deutsch
Economic Upswing Continues Unabated
A surge in exports and strong domestic demand in the wake of the tax reform have already created bottlenecks in some areas
(intermediary products and investment goods). The construction industry benefitted from capacity expansion programs in the
production sector. The improvement in the labour market continued, inflation accelerated at a lower rate than in other countries.
In April, the rate of inflation was 2.4 percent, markedly below the rates in the U. S. (5.1 percent), West Germany (3.0 percent),
and Great Britain (8.0 percent). The world economy also kept its momentum in the spring: Economic activity was very brisk
in continental Europe and Japan, but now there are signs of a gentle slowdown in the U. S. and a more marked deceleration
in Great Britain. The main economic problems of the Western economies are the persistent interest rate differential between
Europe and the U. S. and the concomitant tendency for the dollar to appreciate.
