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The year 1970

In the group of Western industrialised states, economic development was largely ambivalent. In the OECD countries, gross national product rose by 2.5 percent in real terms and throughout the EEC by 5.5 percent. In the industrialised countries of Europe, the highest rates of growth were achieved by Austria (+7 percent), France (+6 percent) and the Netherlands (also +6 percent), while the economies of Norway (+3.5 percent) and Great Britain (+2 percent) grew at a below-average rate. With growth in real terms of 11 percent, at a global level Japan cemented its leading position among the industrialised nations. Although, nominally speaking, the USA achieved its highest figure for gross national product in its history with DM 1010 billion, in real terms 1970s saw a minus figure of 0.4 percent being recorded.

The key economic ratios for the Federal Republic for 1970 were just below those for the previous year. Gross national product in real terms (+5.9 percent) and net employee wages (+8.7 percent) rose perceptibly once again, accompanied by a low rate of unemployment of 0.7 percent. The speed with which the 1967/68 crisis gave way to a boom can be seen from an overview of the years from 1967 to 1970: in 1970, real gross national product was up by almost 23 percent, capital investments by around 35 percent and private consumption by around 20 percent, compared with the equivalent figures from four years previously. However, as was the case in numerous other industrialised states, the pace of industrial development fell away somewhat. In West Germany, industrial production rose by 6.1 percent, a value slightly below the EEC average (6.6 percent). Falling production dictated the trend in the textiles and clothing industries; however, the electrical engineering industry, the automotive industry, the chemicals industry (+5.9 percent) and mechanical engineering all recorded strong growth.

Annual report 1970