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The proportion of all new businesses founded in Germany which are technology- and knowledge-intensive businesses in the manufacturing and service sectors has risen from a good 13 per cent in 1998 to approximately 15 per cent in 1999. This increase is primarily due to the number of newly established technology-intensive service providers. This includes data processing and engineering firms. The number of new firms established in this economic sector increased in West Germany in 1999 by 24 per cent in comparison to the previous year.

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Market innovations play an important role in boosting Germany's competitiveness. It is therefore extremely welcome news that in 1999 more than 40 per cent of businesses in the German manufacturing industry introduced market innovations. The proportion of service providers introducing market innovations has also risen to over 30 per cent. These increases mean that Germany is now amongst the top ranking European economies in terms of the introduction of market innovations.

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The ZEW Indicator of Economic Sentiment for Germany, determined on the basis of the ZEW Financial Market Survey, has remained unchanged in May, following an increase in April. The Indicator now lies at a value of minus 4.3 points.

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In the past few years Germany has managed to reduced its deficit in comparison to the USA and other northern European countries, in terms of its implementation of Information and Communication Technologies (ICT). Between 20 and 25 per cent of annual economic growth in Germany can now be attributed to the implementation of ICT. A significant number of OECD countries in all sectors, however, continue to invest significantly more than Germany in research and development (R&D). A factor which seems to inhibit Germany's catching-up process in this context, is the shortage of ICT professionals.

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The new German Acquisition and Takeover Act (Übernahmegesetz, WPüG), designed to regulate the process of business takeovers and protect the interests of shareholders and takeover participants, falls shorts of its aims. Its main shortcoming is that is applies exclusively to corporations listed on the stock market.

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In April, the Indicator of Economic Sentiment for Germany, determined on the basis of the ZEW Financial Market Survey, fell for the first time in 15 months. The Indicator now lies at a value of minus 4.5 points. This equals a fall of 5.9 points from the previous month's value. The previous upward trend in the value of the Indicator of Economic Sentiment has therefore ceased. It remains to be seen whether this development will further establish itself in the coming months.

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With a seasonally-adjusted annual rate of growth in turnover of 4.4 per cent, business developments amongst business-related service providers have stabilised in the first quarter of 2001. The downturn that set in in 2000, therefore seems to have been brought to a halt. Although it is somewhat premature to talk of an upward trend, expectations for the second quarter of 2001 do indicate improvement.

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Basic and advanced training are becoming increasingly important for business-related service providers. The proportion of businesses providing training in this sector has increased from around 55 per cent in 1997 to 75 per cent in the first quarter of 2001. The widespread use of new Information and Communication Technologies (ICT) has also led to a growing need for further training to be provided in these businesses.

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Until the mid-nineties Germany's pharmaceutical industry was unable to keep up with worldwide developments. This was the case in terms of patenting, as well as the approval of new medicines. The proportion of German pharmaceutical businesses distributing the 50 new active ingredients with the highest global turnover has fallen from 12 per cent at the end of 1980 to 3 per cent at the end of 1990. If Germany is to maintain its role in the international market, the German pharmaceutical industry must successfully undergo the transition from chemical to biotechnologies. This is the conclusion drawn in the report, "Germany's Technological Capacities", which was produced under the direction of the Centre for European Economic Research (ZEW), Mannheim, on behalf of the Federal Ministry for Education and Research (BMBF).

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In March, the Indicator of Economic Sentiment for Germany, calculated as part of the ZEW Financial Market Survey, fell further. It currently lies at minus 10.4 points. Compared to the previous month, the indicator has declined by 4.3 percentage points. The proportion of those taking a pessimistic view of the German economy's further development has thus increased and now constitutes a quarter of those surveyed.

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