• Germany's news in English
 

Germany set for €200 billion trade surplus

Published: 06 Sep 2013 06:20 GMT+02:00

Munich’s IFO institute for economic research announced on Thursday that 2013 is set to be a record year for Germany, with the trade surplus – the difference between exports and imports – expected to hit the €200 billion mark thanks to an upturn in global trade.

In the first six months of the year the surplus was €96 billion which was 7.2 percent of GDP, above the threshold set by the EU Commission which regards anything above six percent is unstable.

The IFO institute described Germany as the “greatest exporter of goods in the world," newspaper the Welt reported.

But in July the trade surplus narrowed slightly according to data published by the federal statistics office Destatis on Friday.

Germany exported goods worth €90.3 billion in July, down from €91.2 billion euros in June. Imports increased fractionally to €75.8 billion from €75.4 billion.

That meant the trade surplus narrowed to €14.5 billion euros in July.

Thursday brought some positive economic news for Europe with growth forecasts revised slightly upwards for this year.

Projections from the European Central Bank (ECB) saw the eurozone economy shrinking by 0.4 percent this year and then growing by 1.0 percent next year.

The predictions were fractionally more optimistic with regard to growth this year, but they were more cautious about the outlook for next year. In the bank's previous forecasts in June, the economy had been expected to contract by 0.6 percent in 2013 and grow by 1.1 percent in 2014.

European Central Bank chief Mario Draghi tempered hopes that the eurozone was about to rebound strongly, insisting that the nascent recovery remained extremely fragile. "I am very, very cautious about recovery. I can't share the enthusiasm,” he said.

He added that the central bank "stands ready to act" should the situation suddenly deteriorate again in face of, for example, geo-political risks related to the situation in Syria.

AFP/The Local/tsb

The Local (news@thelocal.de)

Your comments about this article

Today's headlines
'Blackfacing' is Anglicism of the Year
They may be collecting for charity, but this is not really OK. Photo: DPA

'Blackfacing' is Anglicism of the Year

"Blackfacing", used by Germans to describe white people painting their skin dark to mimic black people, has been named Anglicism of the Year by a jury of linguists. READ  

Cocaine-cop trial shakes Bavarian Alps
File photo: DPA

Cocaine-cop trial shakes Bavarian Alps

For 20 years no-one noticed that the head of the drug squad in Kempten, Bavaria, was on a personal rampage of narcotics- and domestic abuse - until his wife shopped him for the €250,000 brick of cocaine he had stashed. But the local population isn't buying the story. READ  

Merkel wishes Tsipras 'strength and success'
Photo: DPA

Merkel wishes Tsipras 'strength and success'

Chancellor Angela Merkel congratulated Greece's new Prime Minister Alexis Tsipras on Tuesday and wished him "much strength and success" after his anti-austerity party's election victory. READ  

Refugees suffer over 200 attacks in 2014
Swastika graffiti at a refugee home in Bavaria with text reading "No asylum seekers". Photo: DPA

Refugees suffer over 200 attacks in 2014

Refugee NGOs' first annual report on violence against asylum seekers found that there were over 200 attacks on people and accommodation in 2014. READ  

'No German identity without Auschwitz'
President Gauck addressing the Bundestag on the 70th anniversary of the liberation of Auschwitz. Photo: DPA

'No German identity without Auschwitz'

President Joachim Gauck on Tuesday warned Germans against drawing a line under the Holocaust as the Bundestag (parliament) opened a day of commemorations on the 70th anniversary of the liberation of Auschwitz. READ  

Handball! Neuer blows whistle on wax double
Manuel Neuer at the inauguration of his double in Berlin. Photo: DPA

Handball! Neuer blows whistle on wax double

Madame Tussauds' hottest new effigy was unveiled to the public in Berlin on Tuesday, costing a euro for each of the 150,000 hairs on keeper Manuel Neuer's head. Pity about the handball goal frame though… READ  

Railway union threatens strike over €2
EVG members outside a station during a 2013 strike. Photo: DPA

Railway union threatens strike over €2

As railway operator Deutsche Bahn (DB) continues negotiations with train drivers' union GDL, its other major union EVG has threatened a strike over pay differences between employees. READ  

Dresden tolerance concert draws 22,000
Photo: DPA

Dresden tolerance concert draws 22,000

As Pegida supporters and opponents clashed in Hanover, musicians threw a free concert in central Dresden on Monday evening to show another side to the city famous for spawning the anti-Islam movement. READ  

Germany remembers horror of Auschwitz
"Work will set you free," the gate at Auschwitz-Birkenau tells inmates. Photo: DPA

Germany remembers horror of Auschwitz

Chancellor Angela Merkel joined survivors of the Auschwitz-Birkenau concentration camp in Berlin on Monday to open a series of events dedicated to the end of the Holocaust camp regime 70 years ago. READ  

JobTalk Germany: Entrepreneur series
'Work I love and a rewarding family life'
Working mum photo: Shutterstock

'Work I love and a rewarding family life'

Melanie Fieseler is a British business/career consultant and coach, and founder of Berlin-based WorkSmart. She is on a mission to help ambitious mums like herself successfully combine motherhood with building a fulfilling and rewarding career or business. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Gallery
The best regional foods TTIP opponents want to protect
Photo: DPA
Features
The rise and spread of Pegida
Photo: Shutterstock
Culture
This cosplayer did not think his plan through
National
Europe in statistics - from Spain to Sweden
Photo: DPA
Politics
The Local's report from Pegida's largest ever demonstration.
Sponsored Article
Top-notch tech boosts bilingual schools
National
Six stories that will rock Germany this year
Photo: DPA
National
Terror alert at a new high. Should you be worried?
Dresden skyline and river by night. Photo: DPA
Politics
What does Dresden have against Muslims?
Photo: DPA
National
What were your favourite news stories of 2014?
Gallery
Top 12 German idioms
National
Why has The Local got a new logo?
Photo: DPA
National
This German was abducted and tortured by the CIA
Culture
10 top tips for partying in Germany
Photo: DPA
Technology
What does the Chancellor see as the future of the internet?
Photo: DPA
Berlin
The Local's series on 25 years since the fall of the Berlin Wall
Photo: DPA
Business & Money
JobTalk: All you need to know about working in Germany
National
Share news tips with The Local Germany
Latest news from The Local in Austria

More news from Austria at thelocal.at

Latest news from The Local in Switzerland

More news from Switzerland at thelocal.ch

Latest news from The Local in Denmark

More news from Denmark at thelocal.dk

Latest news from The Local in Spain

More news from Spain at thelocal.es

Latest news from The Local in France

More news from France at thelocal.fr

Latest news from The Local in Italy

More news from Italy at thelocal.it

Latest news from The Local in Norway

More news from Norway at thelocal.no

Latest news from The Local in Sweden

More news from Sweden at thelocal.se

1,797
jobs available
Toytown Germany
Germany's English-speaking crowd