Germany sees strong growth
By Geir Moulson |
January 13, 2011, Thursday
|
Print Edition
Print Edition
THE German economy grew by a powerful 3.6 percent last year, its fastest pace since reunification two decades ago, as a rebound in exports was accompanied by strengthening domestic demand, official data showed yesterday.
The preliminary growth figure for Europe's biggest economy contrasted with a painful contraction of 4.7 percent in 2009, which was by far its worst showing since World War II.
Germany's swift recovery has made it a standout in the eurozone, where smaller economies such as Ireland, Greece and Portugal have been struggling with huge debts.
"We grew twice as fast as the European Union average," said Economy Minister Rainer Bruederle, who had forecast growth of 3.4 percent. The figures show that "people are rightly looking optimistically into the future," he added.
A key trigger for the strong recovery was powerful growth in exports into a recovering world economy - a 14.2 percent gain last year reversed a 14.3 percent decline in 2009. Germany is the world's second-biggest exporter after China.
However, "what was striking in 2010 was the fact that economic growth was not only based on foreign trade, but also on domestic demand," the Federal Statistical Office said in a statement.
Investment in machinery and equipment was up 9.4 percent, following a huge decline of 22.6 percent the previous year.
The preliminary growth figure for Europe's biggest economy contrasted with a painful contraction of 4.7 percent in 2009, which was by far its worst showing since World War II.
Germany's swift recovery has made it a standout in the eurozone, where smaller economies such as Ireland, Greece and Portugal have been struggling with huge debts.
"We grew twice as fast as the European Union average," said Economy Minister Rainer Bruederle, who had forecast growth of 3.4 percent. The figures show that "people are rightly looking optimistically into the future," he added.
A key trigger for the strong recovery was powerful growth in exports into a recovering world economy - a 14.2 percent gain last year reversed a 14.3 percent decline in 2009. Germany is the world's second-biggest exporter after China.
However, "what was striking in 2010 was the fact that economic growth was not only based on foreign trade, but also on domestic demand," the Federal Statistical Office said in a statement.
Investment in machinery and equipment was up 9.4 percent, following a huge decline of 22.6 percent the previous year.
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