Germany: Bundesbank Monthly Report: German enterprises’ profitability and financing in 2001

The difficult economic environment in 2001 had a substantial impact on corporate profitability. This can be seen from an evaluation of the first provisional results in the Bundesbank's corporate balance sheet statistics for the production sector, the wholesale and retail trade and transport, which are at the core of cyclical movements. The gross return on turnover fell below its 1997 level. The downturn in profits was particularly marked in construction and manufacturing