Germany rides the export boom
10 Aug 2010
Berlin: After all the recent turmoil, the euro zone economies may have just received their best news in months with Germany, Europe's biggest economy, reporting a 3.8 per cent rise in exports in June, compared to the previous month. This marks the highest level since October 2008, when a global recession kicked in with the collapse of the investment bank Lehmann Brothers.
The surge indicates recovery in the German economy is gaining pace.
Germany's Federal Statistical Office reported Monday that the country exported goods and services worth euro86.5 billion ($115 billion) in June. This, as mentioned earlier, is up 3.8 per cent from the previous month.
Germany comes in behind China as the world's top exporter.
The rise in exports mark an increase of 29 per cent compared with June 2009.
Analysts point out that Monday's numbers come on the back of steady declines in unemployment and rising industrial orders. It is now very likely, they say, that second-quarter growth in Germany may touch at least 5% at an annualized rate and may even be 7%.
