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Exports post surprise plus in August
Published: 8 Oct 12 11:56 CET | Print version
Online: http://www.thelocal.de/money/20121008-45423.html
Germany’s export machine is outperforming analysts’ expectations, with official data released Monday showing a 2.4 percent increase in exports for August. Economists had been forecasting a drop of 0.6 percent.
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Imports were up 0.3 percent at €76.7 billion, so that the seasonally-adjusted trade surplus grew to €18.3 billion in August from €16.3 billion in July. Growth in exports was fuelled by trade with countries outside the eurozone.
But economists say the data is not necessarily indicative of a longer-term trend in the making.
“We see this as more of a positive ‘one-off’ result,” Ulrike Kastens from private bank, Sal. Oppenheim told Financial Times Deutschland (FTD). “The trend for the coming months points more to a decrease.”
German business confidence has been flagging of late - but experts say the trade figures could have a stabilising effect on the German economy.
“The August export numbers clearly increase the likelihood of positive German growth in the third quarter after all,” Dekabank economist Andreas Scheuerle told the FTD.
Taking the eight months to August as a whole, German exports rose 5.5 percent over the year-earlier period to €734.1 billion in unadjusted terms, while imports were up 2.1 percent at €607.5 billion.
That meant the January-August trade surplus increased by 25.5 percent to €126.6 billion.
AFP/DPA/The Local/arp
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German industrial production declined in August as the sovereign debt crisis damped euro-area economic growth and prompted companies to scale back investment.
Production fell 0.5 per cent from July, when it gained 1.2 per cent, the Economy Ministry in Berlin said today. Economists had forecast a drop of 0.6 per cent, according to the median of 39 estimates in a Bloomberg News survey. From a year earlier, production fell 1.4 per cent when adjusted for working days.
Funny you saying about the next elections. Wasn't a few days ago she hit her highest approval since 2009? I don't get it.