New signs of German economic recovery

The German economy showed further signs of recovery with 12% increase in the trade surplus, which reached €13.9 billion (£12.1 billion) in July, according to German federal statistics released today.

This surplus was ahead of analysts’ forecasts, which had predicted a surplus of €12 billion, closer to July’s figure.

German exports continued to recover over 2009, growing by a seasonally-adjusted 2.3% to €70.5 billion in July. Year-on-year exports fell 18.7%.

Imports fell by 22.3% year-on-year, but increased slightly over July to reach €56.6 billion compared with €55.8 billion in June.

Of Germany’s total €70.5 billion exports, over 60% were to European Union member states, and Germany received imports of €37.1 billion, over 65% of its total, from these countries.

In the same release, the Deutsche Bundesbank said that Germany’s current account balance of payments showed a surplus of €11.0 billion in July, compared with a €11.3 billion surplus recorded a year earlier.

Related Articles:
German economic sentiment soars
France and Germany heading for recovery

________________________