Data show Germany's recovery to be gradual
By George Frey |
October 10, 2009, Saturday
|
Print Edition
Print Edition
GERMAN consumer prices declined somewhat in September, as did exports during the month of August, official data showed yesterday, evidence that Europe's largest economy is recovering only gradually.
The Wiesbaden-based Federal Statistical Office said German consumer prices fell by 0.3 percent on the year in September, and were 0.4 percent lower compared to August. Food and fuel prices were both lower.
The office said fuel prices overall were nearly 20 percent lower on the year, as motor fuels including diesel and gasoline prices fell 14 percent.
Meanwhile, food prices dropped 3 percent, with edible oils and fats falling most, by 11 percent. Dairy prices also fell nearly 11 percent, while vegetable prices were nearly 9 percent lower.
Meanwhile, exports fell 1.8 percent in August from the previous month and were 20 percent lower compared to August 2008.
The monthly drop was the first decline after three consecutive months of export gains, indicating that recovery in the German economy -- which is technically already out of recession -- will be only gradual.
The office said Germany exported goods in August worth 60.4 billion euros (US$88.2 billion), a 20 percent decline on year-ago levels.
German imports for August fell more than 19 percent on year-ago levels, while they increased by 1 percent in August compared with July. Germany imported goods worth 52 billion euros in August.
"Clearly, the latest export figure is disappointing and does not fit the overall picture," UniCredit analyst Andreas Rees said.
The Wiesbaden-based Federal Statistical Office said German consumer prices fell by 0.3 percent on the year in September, and were 0.4 percent lower compared to August. Food and fuel prices were both lower.
The office said fuel prices overall were nearly 20 percent lower on the year, as motor fuels including diesel and gasoline prices fell 14 percent.
Meanwhile, food prices dropped 3 percent, with edible oils and fats falling most, by 11 percent. Dairy prices also fell nearly 11 percent, while vegetable prices were nearly 9 percent lower.
Meanwhile, exports fell 1.8 percent in August from the previous month and were 20 percent lower compared to August 2008.
The monthly drop was the first decline after three consecutive months of export gains, indicating that recovery in the German economy -- which is technically already out of recession -- will be only gradual.
The office said Germany exported goods in August worth 60.4 billion euros (US$88.2 billion), a 20 percent decline on year-ago levels.
German imports for August fell more than 19 percent on year-ago levels, while they increased by 1 percent in August compared with July. Germany imported goods worth 52 billion euros in August.
"Clearly, the latest export figure is disappointing and does not fit the overall picture," UniCredit analyst Andreas Rees said.
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