Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

Lowest German exports for three years

Share this article

Lowest German exports for three years
Photo: DPA
16:34 CEST+02:00
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.

That was the result of a survey published on Monday by the Markit Institute.

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

Get notified about breaking news on The Local

Share this article

Advertisement

From our sponsors

The Swedish university tackling the challenges of tomorrow

Ranked among the world's best young universities in the QS Top 50 Under 50, Linköping University (LiU) uses innovative learning techniques that prepare its students to tackle the challenges of tomorrow.

Advertisement
Advertisement
Jobs
Click here to start your job search
Advertisement
Advertisement

Popular articles

Advertisement
Advertisement