{"id":2875,"date":"2024-11-21T09:58:10","date_gmt":"2024-11-21T09:58:10","guid":{"rendered":"https:\/\/blog.spbinvest.hu\/?p=2875"},"modified":"2024-11-21T09:58:44","modified_gmt":"2024-11-21T09:58:44","slug":"spb-nemetorszagnak-megoldast-kell-talalni-a-versenykepesseg-novelesere","status":"publish","type":"post","link":"https:\/\/blog.spbinvest.hu\/?p=2875","title":{"rendered":"SPB: N\u00e9metorsz\u00e1gnak megold\u00e1st kell tal\u00e1lni a versenyk\u00e9pess\u00e9g n\u00f6vel\u00e9s\u00e9re"},"content":{"rendered":"<p><em>Az Euroz\u00f3na infl\u00e1ci\u00f3ja lass\u00fa n\u00f6veked\u00e9sbe fordult \u00e1t az elm\u00falt id\u0151szak egy\u00e9rtelm\u0171 cs\u00f6kken\u0151 tendenci\u00e1j\u00e1t k\u00f6vet\u0151en. Ennek ellen\u00e9re nem z\u00e1rhat\u00f3 ki az 50 b\u00e1zispontos kamatcs\u00f6kkent\u00e9s az ECB r\u00e9sz\u00e9r\u0151l a decemberi \u00fcl\u00e9sen. Jelent\u0151s m\u00e9rt\u00e9kben romlott a n\u00e9met gazdas\u00e1g meg\u00edt\u00e9l\u00e9se. A k\u00f6zelg\u0151 v\u00e1laszt\u00e1sokat k\u00f6vet\u0151en az \u00faj vezet\u00e9s sz\u00e1m\u00e1ra egy\u00e9rtelm\u0171 priorit\u00e1st kell, hogy \u00e9lvezzen a gazdas\u00e1g versenyk\u00e9pess\u00e9g\u00e9nek n\u00f6vel\u00e9se. Az Euroz\u00f3n\u00e1t tekintve \u00e9ves szinten k\u00f6zel\u00edt\u0151leg 1,5%-os GDP n\u00f6veked\u00e9st \u00e9s 2%-os infl\u00e1ci\u00f3s szint v\u00e1rhat\u00f3 2025\/26-ra. Az <strong>USA CPI<\/strong> \u00e9rt\u00e9ke tov\u00e1bbra is lassul\u00f3 \u00fctem\u0171 cs\u00f6kken\u00e9st mutat. Az infl\u00e1ci\u00f3 kedvez\u0151 alakul\u00e1s\u00e1nak k\u00f6sz\u00f6nhet\u0151en a k\u00f6zelj\u00f6v\u0151ben a munkaer\u0151piaci helyzet megold\u00e1s\u00e1ra helyezi a f\u00f3kuszt a <strong>FED<\/strong>, \u00edgy 2025 a kamatcs\u00f6kkent\u00e9sek id\u0151szaka lehet. Az id\u0151z\u00edt\u00e9st \u00e9s a m\u00e9rt\u00e9ket illet\u0151en azonban megoszlanak a piaci v\u00e9leked\u00e9sek. <strong>K\u00edna gazdas\u00e1g\u00e1t<\/strong> tekintve pozit\u00edv v\u00e1ltoz\u00e1sok indultak el, de az ingatlanpiaci helyzet tov\u00e1bbra is r\u00e1nyomja b\u00e9lyeg\u00e9t az orsz\u00e1g befektet\u0151i meg\u00edt\u00e9l\u00e9s\u00e9re. A k\u00f6zelj\u00f6v\u0151ben ism\u00e9t nagyobb figyelmet kaphat az <strong>olajpiac<\/strong>, melyet jelenleg a t\u00falk\u00edn\u00e1lat \u00e9s alulpozicion\u00e1lts\u00e1g jellemez.<\/em><\/p>\n<p>Az <strong>infl\u00e1ci\u00f3s adat<\/strong> mind <strong>N\u00e9metorsz\u00e1gban<\/strong>, mind az <strong>Euroz\u00f3n\u00e1ban<\/strong> teljes m\u00e9rt\u00e9kben in-line, a v\u00e1rakoz\u00e1soknak megfelel\u0151en alakult: \u00e9ves szinten 2, havi szinten 0,4 lett az \u00e9rt\u00e9ke, az Euroz\u00f3na adat pedig 2,4. Fontos azonban megjegyezni, hogy annak ellen\u00e9re, hogy az infl\u00e1ci\u00f3 hozza az elv\u00e1rt szintet, a kor\u00e1bbi cs\u00f6kken\u0151 tendencia lass\u00fa n\u00f6veked\u00e9sbe fordult \u00e1t. Az energiahordoz\u00f3k \u00e1r\u00e1nak cs\u00f6kken\u00e9se nem kompenz\u00e1lja t\u00f6bb\u00e9 az \u00e9lelmiszerek, \u00e9s egy\u00e9b \u00e1rucikkek \u00e1r\u00e1nak emelked\u00e9s\u00e9t, teh\u00e1t \u00fagy t\u0171nik, hogy el\u00e9rt\u00fck a lehets\u00e9ges minimum szintet. Az ECB els\u0151sorban az infl\u00e1ci\u00f3 alakul\u00e1s\u00e1t tekinti m\u00e9rvad\u00f3nak a kamatcs\u00f6kkent\u00e9sek tekintet\u00e9ben. A h\u00f3nap elej\u00e9n m\u00e9g a piac 50%-a v\u00e1rt 50 b\u00e1zispontos cs\u00f6kkent\u00e9st a decemberi kamatd\u00f6nt\u0151 \u00fcl\u00e9sre, ez az ar\u00e1ny mostanra 25%-ra cs\u00f6kkent. Ennek ellen\u00e9re nem kiz\u00e1rt, hogy az ECB a nagyobb m\u00e9rt\u00e9k\u0171 kamatv\u00e1g\u00e1s mellett d\u00f6nt, mivel a n\u00e9met gazdas\u00e1g sz\u00e1m\u00e1ra ez jelenthetne sz\u00e1mottev\u0151 seg\u00edts\u00e9get.<\/p>\n<p>Komoly m\u00e9rt\u00e9kben megv\u00e1ltozott a v\u00e9leked\u00e9s a n\u00e9met gazdas\u00e1got illet\u0151en. A politikai helyzet jelenleg er\u0151sen r\u00e1nyomja a b\u00e9lyeg\u00e9t a n\u00e9met gazdas\u00e1g versenyk\u00e9pess\u00e9g\u00e9nek alakul\u00e1s\u00e1ra. Amennyiben a k\u00f6zelj\u00f6v\u0151ben nem tal\u00e1lnak \u00e9rdemi megold\u00e1st a t\u0151ke elv\u00e1ndorl\u00e1s\u00e1ra, illetve kedvez\u0151bb \u00e1r\u00fa, alternat\u00edv energiaforr\u00e1sok bevon\u00e1s\u00e1ra, akkor Eur\u00f3pa meghat\u00e1roz\u00f3 gazdas\u00e1gi szerepl\u0151je komoly gondok el\u00e9 n\u00e9zhet. Amennyiben a n\u00e9met gazdas\u00e1g nem lesz k\u00e9pes versenyk\u00e9pesen termelni, ki fognak szorulni az exportpiacokr\u00f3l, \u00e9s ebben az esetben a bels\u0151 fogyaszt\u00e1snak kell \u00e9letben tartani a n\u00e9met gazdas\u00e1got. Egy\u00e9rtelm\u0171, hogy N\u00e9metorsz\u00e1g elad\u00f3sodotts\u00e1ga fokoz\u00f3dni fog a k\u00f6zelj\u00f6v\u0151ben, de mindezek ellen\u00e9re er\u0151teljesebb visszaes\u00e9s nem v\u00e1rhat\u00f3 a n\u00f6veked\u00e9sben.<\/p>\n<p>Az <strong>Euroz\u00f3na GDP<\/strong> \u00e9ves szinten 0,9 volt, \u00e9s ezt az \u00e9rt\u00e9ket tartotta is, hajsz\u00e1lnyi er\u0151s\u00f6d\u00e9st lehet \u00e9rezni a v\u00e1rakoz\u00e1sokhoz k\u00e9pest negyed\u00e9ves viszonylatban. A tendencia azt mutatja, hogy van r\u00e1 es\u00e9ly, hogy a GDP enyhe n\u00f6veked\u00e9snek induljon, ami seg\u00edthetn\u00e9 a gazdas\u00e1g \u00e1ltal\u00e1nos \u00e1llapot\u00e1t. A mag\u00e1nfogyaszt\u00e1s, illetve beruh\u00e1z\u00e1sok v\u00e1rhat\u00f3an er\u0151s\u00f6dni fognak, \u00e9s a munkan\u00e9lk\u00fclis\u00e9g szintj\u00e9t alacsonyan lehet tartani. Az <strong>el\u0151rejelz\u00e9sek<\/strong> <strong>2025-re<\/strong> 1,3-1,4%-os, <strong>2026<\/strong>-ra pedig 16%-os n\u00f6veked\u00e9ssel sz\u00e1molnak az Euroz\u00f3n\u00e1t illet\u0151en. Az <strong>infl\u00e1ci\u00f3s v\u00e1rakoz\u00e1sok<\/strong> szerint <strong>2024<\/strong>-ben a 2023-as \u00e9rt\u00e9k fel\u00e9re, 2,4-re, <strong>2025<\/strong>-ben 2,1 \u2013 1,9 szintekre j\u00f6het\u00fcnk le. \u00d6sszefoglalva teh\u00e1t \u00e9ves szinten k\u00f6zel\u00edt\u0151leg 1,5%-os GDP n\u00f6veked\u00e9st \u00e9s 2%-os infl\u00e1ci\u00f3s szintet v\u00e1rhatunk az elk\u00f6vetkezend\u0151 2 \u00e9vre az Euroz\u00f3n\u00e1ban.<\/p>\n<p>Az <strong>amerikai CPI<\/strong> \u00e9ves alapon magasabb lett a v\u00e1rakoz\u00e1sokhoz k\u00e9pest: 2 helyett 2,6-os \u00e9rt\u00e9ket vett fel, m\u00edg havi szinten hozta a 0,2-es el\u0151rejelz\u00e9st. Tov\u00e1bbra is lassul\u00f3 infl\u00e1ci\u00f3r\u00f3l besz\u00e9lhet\u00fcnk, de a cs\u00f6kken\u00e9s \u00fcteme folyamatosan m\u00e9rs\u00e9kl\u0151dik. Az olajtartal\u00e9koknak k\u00f6sz\u00f6nhet\u0151en az USA kedvez\u0151bb helyzetben van az energia\u00e1rak tekintet\u00e9ben az Euroz\u00f3n\u00e1hoz k\u00e9pest, de a v\u00e1laszt\u00e1sokat k\u00f6vet\u0151en \u00faj gazdas\u00e1gpolitikai ir\u00e1ny v\u00e1rhat\u00f3.<\/p>\n<p>A <strong>munkan\u00e9lk\u00fclis\u00e9g<\/strong> ter\u00e9n a kamatcs\u00f6kkent\u00e9sek hozhatnak pozit\u00edv v\u00e1ltoz\u00e1st, ez a FED kommunik\u00e1ci\u00f3ja szerint is egy\u00e9rtelm\u0171. Kamatcs\u00f6kkent\u00e9sek sorozata v\u00e1rhat\u00f3 teh\u00e1t a 2025-\u00f6s \u00e9v sor\u00e1n, a f\u0151 k\u00e9rd\u00e9s a m\u00e9rt\u00e9k, \u00e9s az id\u0151z\u00edt\u00e9s. A piac jelenleg arra sz\u00e1m\u00edt, hogy minden m\u00e1sodik \u00fcl\u00e9sen t\u00f6rt\u00e9nhet kamatv\u00e1g\u00e1s, amely visszafogottabb v\u00e1rakoz\u00e1s a kor\u00e1bbiakhoz k\u00e9pest.<\/p>\n<p>A portf\u00f3li\u00f3-kezel\u00e9si d\u00edjak, valamint a rep\u00fcl\u0151jegy \u00e1rak drasztikus emelked\u00e9se jelent\u0151s n\u00f6veked\u00e9st id\u00e9zett el\u0151 a <strong>PPI<\/strong> \u00e9rt\u00e9k\u00e9ben.<\/p>\n<p><strong>K\u00edna <\/strong>az ipari termel\u00e9s \u00e9s kiskereskedelmi forgalom tekintet\u00e9ben \u00e1tlend\u00fclt a m\u00e9lyponton, t\u00f6bb fel\u00edvel\u0151 szakasz is l\u00e1tszik a ter\u00fcleten. Ez v\u00e9lhet\u0151en a korm\u00e1nyzati gazdas\u00e1g\u00f6szt\u00f6nz\u0151 programok, valamint a k\u00f6zelm\u00faltbeli \u00fcnnepek fogyaszt\u00e1s\u00f6szt\u00f6nz\u0151 hat\u00e1s\u00e1nak tudhat\u00f3 be. A <strong>retail sales<\/strong> adat 3,8 helyett 4,8 lett, amely igen er\u0151s teljes\u00edtm\u00e9nyr\u0151l \u00e1rulkodik. Az <strong>ipari termel\u00e9s<\/strong> valamelyest alulm\u00falta a v\u00e1rakoz\u00e1sokat, de a kor\u00e1bbi kil\u00e1t\u00e1sokhoz k\u00e9pest sz\u00e9pen alakul. L\u00e1that\u00f3an n\u00f6vekszik a fogyaszt\u00f3i aktivit\u00e1s, az ingatlan\u00e1rak cs\u00f6kken\u00e9se pedig megfordult, de a k\u00e9t folyamat nem \u00e1ll \u00f6sszef\u00fcgg\u00e9sben egym\u00e1ssal. A hatalmas m\u00e9ret\u0171 k\u00ednai ingatlanpiac tov\u00e1bbra is sz\u00e1mos neh\u00e9zs\u00e9ggel k\u00fczd, amely jelent\u0151s terhet r\u00f3 a gazdas\u00e1g eg\u00e9sz\u00e9re.<\/p>\n<p>Az <strong>olajpiacon<\/strong> a kereskedelmi tartal\u00e9kok cs\u00f6kken\u00e9se v\u00e1rhat\u00f3 az \u00faj amerikai eln\u00f6k beiktat\u00e1s\u00e1ig. Az \u00e1rfolyam jelenleg 66-os szintek k\u00f6r\u00fcl mozog, \u00e9s \u00e9v v\u00e9g\u00e9ig a 70-es szint alatt stabiliz\u00e1l\u00f3dhat, amennyiben v\u00e1ratlan geopolitikai esem\u00e9ny nem t\u00f6rt\u00e9nik. Jelenleg ink\u00e1bb t\u00falk\u00edn\u00e1lat \u00e9s alulpozicion\u00e1lts\u00e1g uralkodik a piacon. Ez a k\u00f6zelj\u00f6v\u0151ben v\u00e1ltozhat, \u00e9s ism\u00e9t nagyobb figyelmet kaphat az olajpiac.<\/p>\n<p>A <strong>t\u00edz\u00e9ves amerikai \u00e1llamk\u00f6tv\u00e9ny<\/strong> hozamszintje 4,44, amely a befektet\u0151i oldalt illet\u0151en re\u00e1lis k\u00e9pet mutat a kamatcs\u00f6kkent\u00e9seket illet\u0151 v\u00e9leked\u00e9sekr\u0151l az USA-ban.<\/p>\n<p>A <strong>FED<\/strong> kommunik\u00e1ci\u00f3j\u00e1ban egy\u00e9rtelm\u0171v\u00e9 tette, hogy fisk\u00e1lis oldalon megt\u00f6rt\u00e9ntek a sz\u00fcks\u00e9ges l\u00e9p\u00e9sek az infl\u00e1ci\u00f3 cs\u00f6kkent\u00e9se \u00e9rdek\u00e9ben, \u00edgy a k\u00f6zelj\u00f6v\u0151ben els\u0151sorban a foglalkoztatotts\u00e1gi- \u00e9s munkan\u00e9lk\u00fclis\u00e9gi adatokra helyezik a f\u00f3kuszt. A december 18-i kamatd\u00f6nt\u0151 \u00fcl\u00e9st illet\u0151en nincs jelent\u0151s v\u00e1ltoz\u00e1s a v\u00e1rakoz\u00e1sok tekintet\u00e9ben. A piac k\u00e9tharmada 25 b\u00e1zispontos kamatcs\u00f6kkent\u00e9sre sz\u00e1m\u00edt, 38% szerint viszont nem t\u00f6rt\u00e9nik v\u00e1ltoz\u00e1s. 2025 m\u00e1jus\u00e1ra a piac 40%-a 400-425-\u00f6s kamatszintet prognosztiz\u00e1l.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Az Euroz\u00f3na infl\u00e1ci\u00f3ja lass\u00fa n\u00f6veked\u00e9sbe fordult \u00e1t az elm\u00falt id\u0151szak egy\u00e9rtelm\u0171 cs\u00f6kken\u0151 tendenci\u00e1j\u00e1t k\u00f6vet\u0151en. Ennek ellen\u00e9re nem z\u00e1rhat\u00f3 ki az 50 b\u00e1zispontos kamatcs\u00f6kkent\u00e9s az ECB r\u00e9sz\u00e9r\u0151l a decemberi \u00fcl\u00e9sen. Jelent\u0151s m\u00e9rt\u00e9kben romlott a n\u00e9met gazdas\u00e1g meg\u00edt\u00e9l\u00e9se. A k\u00f6zelg\u0151 v\u00e1laszt\u00e1sokat k\u00f6vet\u0151en az \u00faj vezet\u00e9s sz\u00e1m\u00e1ra egy\u00e9rtelm\u0171 priorit\u00e1st kell, hogy \u00e9lvezzen a gazdas\u00e1g versenyk\u00e9pess\u00e9g\u00e9nek n\u00f6vel\u00e9se. Az Euroz\u00f3n\u00e1t&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2680,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[52],"tags":[],"class_list":["post-2875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-portfolioblogger"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SPB: N\u00e9metorsz\u00e1gnak megold\u00e1st kell tal\u00e1lni a versenyk\u00e9pess\u00e9g n\u00f6vel\u00e9s\u00e9re - SPB Blog<\/title>\n<meta name=\"description\" content=\"Az Euroz\u00f3na infl\u00e1ci\u00f3ja lass\u00fa n\u00f6veked\u00e9sbe fordult \u00e1t az elm\u00falt id\u0151szak egy\u00e9rtelm\u0171 cs\u00f6kken\u0151 tendenci\u00e1j\u00e1t k\u00f6vet\u0151en. Ennek ellen\u00e9re nem z\u00e1rhat\u00f3 ki az 50 b\u00e1zispontos kamatcs\u00f6kkent\u00e9s az ECB r\u00e9sz\u00e9r\u0151l a decemberi \u00fcl\u00e9sen. Jelent\u0151s m\u00e9rt\u00e9kben romlott a n\u00e9met gazdas\u00e1g meg\u00edt\u00e9l\u00e9se. A k\u00f6zelg\u0151 v\u00e1laszt\u00e1sokat k\u00f6vet\u0151en az \u00faj vezet\u00e9s sz\u00e1m\u00e1ra egy\u00e9rtelm\u0171 priorit\u00e1st kell, hogy \u00e9lvezzen a gazdas\u00e1g versenyk\u00e9pess\u00e9g\u00e9nek n\u00f6vel\u00e9se.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.spbinvest.hu\/?p=2875\" \/>\n<meta property=\"og:locale\" content=\"hu_HU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SPB: N\u00e9metorsz\u00e1gnak megold\u00e1st kell tal\u00e1lni a versenyk\u00e9pess\u00e9g n\u00f6vel\u00e9s\u00e9re\" \/>\n<meta property=\"og:description\" content=\"Az Euroz\u00f3na infl\u00e1ci\u00f3ja lass\u00fa n\u00f6veked\u00e9sbe fordult \u00e1t az elm\u00falt id\u0151szak egy\u00e9rtelm\u0171 cs\u00f6kken\u0151 tendenci\u00e1j\u00e1t k\u00f6vet\u0151en. Ennek ellen\u00e9re nem z\u00e1rhat\u00f3 ki az 50 b\u00e1zispontos kamatcs\u00f6kkent\u00e9s az ECB r\u00e9sz\u00e9r\u0151l a decemberi \u00fcl\u00e9sen. Jelent\u0151s m\u00e9rt\u00e9kben romlott a n\u00e9met gazdas\u00e1g meg\u00edt\u00e9l\u00e9se. 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