• Germany edition
 
Germany set for €200 billion trade surplus
Photo: DPA

Germany set for €200 billion trade surplus

Published: 06 Sep 2013 06:20 GMT+02:00
Updated: 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
'Germany can handle more refugees'
Refugees in emergency accommodation in Baden-Württemberg. Photo: DPA

'Germany can handle more refugees'

Germany is the most popular destination in the EU for those fleeing the brutal onslaught in Syria. The country’s interior minister wants other European countries to take in more refugees, but some groups think Germany should do more. READ  

Hostage horror in Yemen, hostage hope in Somalia
Johannes Hentschel, Sabine and their son died in Yemen. Michael Scott Moore (r) was released on Tuesday. Photo: DPA

Hostage horror in Yemen, hostage hope in Somalia

UPDATE: American-German journalist Michael Scott Moore was released on Tuesday from more than two-and-a-half years in the captivity of pirates in Somalia. His release came the day a German family was confirmed dead, five years after being captured in Yemen. READ  

Iraq denies entry to German military trainers
The seven trainers boarded their plane in Germany on Friday. Photo: DPA

Iraq denies entry to German military trainers

UPDATE: Seven German military trainers, who flew to Iraq on Friday to train Kurdish fighters battling Islamic extremists Isis, have been denied permission to enter the country. READ  

One in 10 voters support anti-euro AfD
AfD leader Bernd Lucke celebrates with supporters during the Brandenburg state election. Photo: DPA

One in 10 voters support anti-euro AfD

Eurosceptic party Alternative für Deutschland (AfD) is supported by 10 percent of voters in Germany, a poll on Tuesday showed. It is the first time the fast-rising anti-euro party has polled nationwide in double digits. READ  

Analysis
Why Germany fears US digital disruptors
Angela Merkel with her official Blackberry phone

Why Germany fears US digital disruptors

Every week brings a new headline pitting German politicians, businesses or unions against a US digital company. What is the country's problem with US tech businesses? READ  

Quiz
Can you pass the German citizenship test?
Photo: DPA

Can you pass the German citizenship test?

Since 2008 anyone applying for German citizenship has had to take a test on their new country's history, politics and values. Do you know enough about Germany to pass it? READ  

Rent caps are coming in 2015
Photo: DPA

Rent caps are coming in 2015

A move to cap rent rises in German cities has been agreed by coalition parties, Germany's justice minister announced on Tuesday morning. READ  

Boy, 6, among Berlin train attack victims
Photo: DPA

Boy, 6, among Berlin train attack victims

Two vicious acts of violence on Berlin trains over the weekend have shocked passengers, with the youngest attack victim aged just six. READ  

Gerst and crew get 3D printer and some mice
Gerst is waiting the arrival of the SpaceX Dragon which launched on Sunday. Photo: NASA TV/DPA

Gerst and crew get 3D printer and some mice

UPDATE: Alexander Gerst, Germany's man aboard the International Space Station (ISS), captured SpaceX's unmanned Dragon craft with a cargo of supplies on Tuesday. READ  

Father, 75, tries to dynamite son
Police searching the area after the TNT discovery in Nußdorf. Photo: DPA

Father, 75, tries to dynamite son

A Bavarian pensioner is being investigated on suspicion of attempted murder after planting 3.5kg of TNT in his son's garden, next door to his own home, police said on Monday. READ  

RECEIVE OUR NEWSLETTER AND ALERTS
Photo: DPA
Business & Money
How to become an au pair in Germany
Photo: DPA
Munich
Fights and a skinny dip kick off Oktoberfest
Photo: DPA
Sport
German Fifa exec: 'Qatar won't host World Cup'
DPA
Gallery
The best photos from Oktoberfest's opening weekend
Photo: DPA
Munich
Your guide to Munich Oktoberfest's food
Marks & Spencer
Sponsored Article
Marks and Spencer: Win €300 toward your new autumn wardrobe
Photo: Shutterstock
Gallery
Ten German words you'll never want to hear again
Photo: Shutterstock
Business & Money
The three types of firms hiring foreigners
Sponsored Article
Bilingual education from nursery to graduation at Phorms
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

3,329
jobs available
Toytown Germany
Germany's English-speaking crowd