After the deep slump caused by the corona pandemic, the German hospitality industry is showing signs of improvement. But sales have not reached the level of the pre-Corona period, at least in real terms.
The German hospitality industry continued to recover from the Corona shock last year. Compared to the previous year, sales increased both in real and nominal terms, as the Federal Statistical Office announced based on an initial estimate. Accordingly, the industry recorded a real sales increase of 2.6 percent. In nominal terms it was 9.6 percent more.
At least in real terms, sales have not reached the level of the pre-Corona period: adjusted for prices, sales last year were 9.9 percent lower than in 2019, the year before the pandemic broke out in Germany. Price increases, meanwhile, resulted in nominal sales that were 9.8 percent higher than in 2019.
Hotels and restaurants owed the positive balance of 2023 primarily to the particularly high real increases at the beginning of the year, as the Wiesbaden statisticians explained. As the year progressed, rising prices for food, personnel and energy slowed the industry.
According to preliminary results, in November the hospitality industry had 2.0 percent more sales in real terms and 2.5 percent in nominal terms than in October, after calendar and season adjustments. Compared to November 2022, sales fell by 0.1 percent in real terms. In nominal terms there was an increase of 5.5 percent.
Source: Stern
