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Stalling fears for German economy

01-12-2012 10:07 BJT

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The German economy grew by a robust three percent last year. But the region's debt crisis almost brought Europe's biggest economy to a halt in the final months of 2011. That’s according to official data released on Wednesday. The three percent annual GDP growth compares with record growth of 3.7 percent in 2010. But, the relatively-strong performance did enable Europe’s economic powerhouse to bring down its public deficit, to just one percent of GDP last year. That’s a decrease from 4.3 percent in 2010.

That’s the first time since 2008 that the German deficit ratio has been below the European Union’s ceiling of three percent. That’s despite activity having slowed in the second half of 2011, as the eurozone debt crisis increasingly put the brakes on growth. The driving force behind German growth was domestic demand, with consumer spending up one-and-a-half percent. In addition, investment was also strong.

Foreign trade also contributed to growth, adding 0.8 percentage points to the overall GDP figure. At three percent, German growth is double both the anticipated average for both the European Union and the eurozone, as well as for the United States.

But experts predict after expanding strongly for the past two years, growth will be much lower this year in the wake of the ongoing crisis.

 

Editor:Zhang Rui |Source: CNTV.CN

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