Industry says oil price a danger to German economy
Published: 22 May, 2008 CET.
Updated: Thu 22 May 2008 08:30 CET
The skyrocketing price for oil poses an increasing danger to the Germany economy, the BDI industry group told a newspaper on Thursday.
Matthias Krämer, economist for the BDI Federation of German Industry, told daily Berliner Zeitung that the country’s firms still had filled order books and production for the coming months was secure despite higher energy prices.
“But the increasing oil prices, the strong euro, the flagging US economy and financial crisis are increasingly putting a burden on companies,” he said.
Krämer also warned that higher oil prices would damper consumers' willingness to purchase goods.
The price for a barrel of oil climbed above $135 for the first time ever on Thursday in Asian trading.
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Matthias Krämer, economist for the BDI Federation of German Industry, told daily Berliner Zeitung that the country’s firms still had filled order books and production for the coming months was secure despite higher energy prices.
“But the increasing oil prices, the strong euro, the flagging US economy and financial crisis are increasingly putting a burden on companies,” he said.
Krämer also warned that higher oil prices would damper consumers' willingness to purchase goods.
The price for a barrel of oil climbed above $135 for the first time ever on Thursday in Asian trading.
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