Not to say that I am a fence sitter, I would say that it´s technically two words (grammarly speaking), whereas phonetically-wise it could be understood as one.
My thinking is that a German would say it´s one, since they like to make one word (long word) where it would be two (or more). As it happens with the word Treppenwitz (Staircase joke) and many others.
Anyway, the German is getting lazy these days, they are dropping words like Rindfleischetikettierungsüberwachungsaufgabenübertragungsgesetz
(law for the delegation of monitoring beef labelling.) http://www.telegraph.co.uk/news/worldne ... eti...html
Don´t even think of asking me to say it aloud, my neighbours would think that I am going mental!