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2.4 EUROPE--Germany
2017/11/20
Germany is the largest economy in the EU, accounting for 28% of the region’s GDP. The country’s low unemployment rate, low crime, developed infrastructure, and a highly qualified labor force all work in its favor. As of 2015, consumption expenditures are the main driving force. Beside the refugee immigration, domestic consumption is stimulated by high job security, rising incomes and pensions, as well as low bank saving rates. But the momentum will fade over time causing curbing effects for overall economic growth. All things considered, GDP is expected to expand by around 1.5% in both years 2017 and 2018.
 
Overall market of chillers and air-side that consists of AHUs and fan coils was worth around US$ 686 million in 2016 and is forecast to grow up to 2021. The total chiller market in 2016 was US$ 141 million, a growth of 3% from the previous year.
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