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The year 1987

Similarly in 1987, the world's economy was characterised by a generally moderate – but still constant – growth of around 3 percent. However, in comparison with the previous year, industrial production continued to rise, up by 3 percent in the industrialised nations of the West. Nevertheless, the German Federal Bank still identified reasons to issue warnings of “long-term disruptions in the global economy”. Identified by the experts as risks for the structural stability of the global economy were “the continuing imbalances among the major industrial countries”, the “at times drastic fall in the dollar rate”, the “collapse in the international equity markets” and the “unsolved debt problems in developing countries”.

Among the important characterising features of the German economy in 1988 identified by the Federal Ministry of Economics in its Annual Economic Report were again the stable rate of growth, although 1.7 percent lower in real terms than in previous years, the higher level of price stability in terms of cost of living (+0.2 percent), the increase in private consumption (+3 percent) and the high foreign trade surplus. While, globally, the chemicals industry continued to grow, in Germany this sector presented a rather modest figure, recording a rate of growth of 0.2 percent. The products most in demand were plastics, organic industrial chemicals, beauty products and photographic and adhesive materials. Conversely, business involving materials for plant protection and fertilisation were marking time. As over the course of the year the DM gained in value on the financial markets, the mechanical engineering sector suffered in terms of exports, but still managed to increase its sales by 2.2 percent.

Annual report 1987 (German)