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Lowest German exports for three years
Published: 3 Sep 12 16:34 CET | Print version
Online: http://www.thelocal.de/money/20120903-44745.html
The German export industry - one of the main pillars of the country's economy - dropped to its lowest point since 2009 in August, sparking fears that the euro crisis is finally catching up with one of Europe's stronger nations.
- Economic clouds gather despite strong GDP - Business & Money (10 Aug 12)
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Demand is sinking particularly in recession-plagued southern European countries, the survey of 500 German firms found, but even China is reportedly struggling against the worldwide economic downturn.
The survey reported that German exports to Portugal sank by 14.3 percent in the first half of this year, while exports to Greece and Spain sank by more than nine percent.
Orders for manufacturing machines, raw materials and other producer goods were particularly affected.
And there is little room for improvement, at least in the short term, the report found, as more and more German companies lay people off.
"Despite slowing the decline, German industry faces its worst quarter in more than three years this third quarter," Markit economist Tim Moore told Reuters news agency.
Economists now fear that Germany's gross domestic product could sink in the coming year.
The Local/bk
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Your comments about this article:
And king, do not complain with euro (with DM German export would be already in the toilet).. Blame who has enabled a government in Germany with no leaders and no statists at the top..
Any net gain will be lost, and then some. The redistributionist scheme will result in catastrophe, and possibly war. But to you, This is what WINNING looks like, innit? Its time to allow the REAL Market value of our goods and services to express themselves. Not just how much some gullible taxpayer willing to subsidize it for their favorite Poli.
The German government is keen on others imposing cuts and one of the first cuts people make is buying less ,as they say it isn't rocket science is it.
I agree that Merkel is bad leader but can't understand why the rest can't see it too.