September 20, 2017 / 9:59 AM / 3 months ago

German wholesalers expect revenues to hit record high in 2017

BERLIN (Reuters) - German wholesalers on Wednesday raised their forecast for 2017 after enjoying an unexpectedly strong first half, saying they expected revenues to increase by up to 3.5 percent to a record-high of 1.184 trillion euros, the BGA trade association said.

That compares with the BGA’s previous forecast for a 1 percent increase in revenues.

“The mood at the moment is better than it has been for six years,” BGA President Anton Boerner said, adding that as long as crises and wars did not hit trade flows, they would not affect the sector.

In the first half of 2017 wholesalers’ revenues surged by 5.5 percent, data from the Federal Statistics Office shows.

The sector is made up of around 125,000 companies with almost 2 million employees.

On Tuesday, Germany’s HDE retail association raised its 2017 forecast for nominal sales to grow by 3 percent, pointing to a consumer-friendly environment created by record-high employment, rising real wages and moderate inflation.

Reporting by Rene Wagner; Writing by Michelle Martin; Editing by Michael Nienaber

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