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Germany emerges from crisis as Europe's economic champion
Published in Saudi Press Agency on 08 - 07 - 2010


The German economy has emerged relatively
unscathed from the economic chaos unleashed by Europe's debt crisis
with a slew of data showing the nation's growth rate gaining
momentum, dpa reported.
May exports surged by 9.2 per cent amid a global economic upswing
with a string of recent German indicators pointing to expanding
industrial production, falling unemployment and growing optimism in
the boardrooms of Europe's biggest economy.
"While German consumer confidence probably took a hit after a
world championship title is out of reach, the German economy is still
a promising candidate in another race: eurozone growth champion
2010," said ING economist Carsten Brzeski, referring to Wednesday's
Spain-Italy World Cup match won by Italy.
The Wiesbaden-based Federal Statistics Office said May exports
rose by 28.8 per cent year-on-year with strong demand from the
world's leading emerging economies and a weaker euro boosting German
foreign orders.
"Exports should continue to rise in the coming months," said
Commerzbank economist Simon Junker, with exports representing the key
pillar of the nation's economic growth.
In the meantime, the Ministry for Economics and Technology said
industrial production jumped by a stronger-than-forecast 2.6 per cent
in May further highlighting Germany's recent solid economic performance.
-- SPA


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