Related News
German exports down sharply in Q4
Source: Agencies |
February 25, 2009, Wednesday
|
Online Edition
Online Edition
GERMANY'S sharp fourth quarter economic contraction was powered by a 7.3 percent slump in exports, which had long been the mainstay of the country's growth, government data showed today.
The Federal Statistical Office confirmed its initial Feb. 13 estimate that the recession in Europe's biggest economy deepened dramatically in the October-December period, with gross domestic product shrinking by 2.1 percent compared with the previous quarter.
It said exports declined by 7.3 percent in the quarter, while imports were down 3.6 percent.
The resulting balance of exports and imports knocked two percentage points off GDP, accounting for nearly all of the overall contraction, the office said.
German businesses' investment in machinery, equipment and vehicles declined by 4.9 percent following eight consecutive quarterly increases.
The data underlined a recent string of dismal monthly reports on exports, industrial orders and production. The fourth-quarter GDP decline was the third in a row, and the economy is expected to contract sharply this year.
In a separate report Wednesday, the statistical office said that Germany's budget deficit shrank to 0.1 percent of GDP last year - half the 2007 level.
Germany has worked hard to reduce its deficit after exceeding the maximum 3 percent - stipulated for euro zone countries - for several years earlier in the decade.
However, it is expected to grow again this year as the government implements multibillion-euro economic stimulus plans.
The Federal Statistical Office confirmed its initial Feb. 13 estimate that the recession in Europe's biggest economy deepened dramatically in the October-December period, with gross domestic product shrinking by 2.1 percent compared with the previous quarter.
It said exports declined by 7.3 percent in the quarter, while imports were down 3.6 percent.
The resulting balance of exports and imports knocked two percentage points off GDP, accounting for nearly all of the overall contraction, the office said.
German businesses' investment in machinery, equipment and vehicles declined by 4.9 percent following eight consecutive quarterly increases.
The data underlined a recent string of dismal monthly reports on exports, industrial orders and production. The fourth-quarter GDP decline was the third in a row, and the economy is expected to contract sharply this year.
In a separate report Wednesday, the statistical office said that Germany's budget deficit shrank to 0.1 percent of GDP last year - half the 2007 level.
Germany has worked hard to reduce its deficit after exceeding the maximum 3 percent - stipulated for euro zone countries - for several years earlier in the decade.
However, it is expected to grow again this year as the government implements multibillion-euro economic stimulus plans.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
