Rise in German exports indicates recovery may be underway

| July 9, 2009 | 0 Comments

Europe’s largest economy has received further good news today after a rise in exports was reported and follows on from the news that industrial output rose 3.7% in May compared with April.

A 0.3% rise in exports has sparked hopes of a tentative economic recovery. For the last six years, Germany has been the world’s biggest exporter of goods.

The German economy is suffering its worst recession since the Second World War but the reports spark hope that the recession may be nearing an end.

However, while the economy experienced a monthly rise in exports, they are still 24.5% lower than they were this time last year but analysts are hopeful that exports will continue to grow in the short-term.

Thorsten Polleit, an analyst at Barclays Capital, said: “We can’t talk about a change in trend. But the free fall appears to have stopped. This isn’t the start of an upswing, however, but rather a recovery from a low level.”

Meanwhile, a recent survey by the IFO Institute said confidence in companies across all sectors of the economy had risen to a seven-month high in June.

However unemployment continues to rise in Germany with the latest figures showing that almost 3.5 million people are unemployed.

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