German exports offer hope
Source: Bloomberg News |
March 12, 2013, Tuesday
|
Print Edition
Print Edition
GERMAN exports rose more than economists' forecast in January, adding to signs that Europe's largest economy is gathering momentum after a decline in the fourth quarter.
Exports, adjusted for working days and seasonal changes, climbed 1.4 percent from December, when they gained 0.2 percent, the Federal Statistics Office in Wiesbaden said yesterday. Economists had forecast a 0.5 increase, according to the median of 13 estimates in a Bloomberg News survey. Imports rose 3.3 percent from December.
While the German economy shrank 0.6 percent in the final three months of last year, the Bundesbank predicts it will rebound in the current quarter. Confidence among investors and businesses jumped in February, and retail sales rose the most in more than six years in January. Still, factory orders unexpectedly fell and industrial production stagnated.
"Very hesitantly, hard data is reflecting the strong rebound in sentiment surveys," said Christian Schulz, senior economist at Berenberg Bank in London. "The economy is rebounding from the sharp contraction, but the extent of the rebound remains subject to some uncertainty."
The trade surplus rose to 13.7 billion euros (US$17.8 billion) from 12.1 billion euros in December. The surplus in the current account, a measure of all trade including services, was 11.3 billion euros, down from 20.2 billion euros.
The German economy will grow 0.4 percent this year, the Bundesbank said.
Exports, adjusted for working days and seasonal changes, climbed 1.4 percent from December, when they gained 0.2 percent, the Federal Statistics Office in Wiesbaden said yesterday. Economists had forecast a 0.5 increase, according to the median of 13 estimates in a Bloomberg News survey. Imports rose 3.3 percent from December.
While the German economy shrank 0.6 percent in the final three months of last year, the Bundesbank predicts it will rebound in the current quarter. Confidence among investors and businesses jumped in February, and retail sales rose the most in more than six years in January. Still, factory orders unexpectedly fell and industrial production stagnated.
"Very hesitantly, hard data is reflecting the strong rebound in sentiment surveys," said Christian Schulz, senior economist at Berenberg Bank in London. "The economy is rebounding from the sharp contraction, but the extent of the rebound remains subject to some uncertainty."
The trade surplus rose to 13.7 billion euros (US$17.8 billion) from 12.1 billion euros in December. The surplus in the current account, a measure of all trade including services, was 11.3 billion euros, down from 20.2 billion euros.
The German economy will grow 0.4 percent this year, the Bundesbank said.
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