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Business and Financial Review
Improved economic environment
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The geopolitical situation eased somewhat in 2004, and a tentative economic upswing emerged. However, this recovery was not equally felt in all markets.
According to Euroconstruct estimates of December 2004, the European construction industry recovered in 2004. While positive development in the renovation sector continued, positive growth in new construction volume was achieved for the first time since 2000.
As in the previous year, the Geberit Group significantly surpassed the relevant index and once again grew at rates significantly higher than its immediate industry. Geberit was able to capitalize on the stable situation in the renovation sector where, according to past experience, the Group generates more than two thirds of its sales.
In the USA, the continued strong growth in the private residential construction sector was due in part to the favorable interest rates. The number of building permits granted rose by +6.8% against the prior year. With a +1.4% increase, the commercial and public sectors showed the first signs of a turnaround.
In Asia (excluding Japan), the gross domestic product grew by +7.4%, mainly driven by China. On the basis of a continuously high investment level, the construction industry in China recorded notable growth. |
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Jean Tinguely:
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