Germany’s exports post strongest growth since 2010
Data from the Federal Statistics Office showed that exports posted a monthly increase of 5.4% on a seasonally adjusted basis, recording the highest gain since May 2010 while imports also climbed 3.0% in August. Economists’ estimates had called for an increase of 2.2% for exports and in a rise of 0.7% for imports in a survey by Reuters.
Analysts noted that the export data added to positive signals that Germany’s economy would expand in the second half of the year. Germany’s industrial output exceeded the estimates in August and posted the highest expansion since January after recording the steepest decrease in 23 months in the previous month. The growth forecast for 2016 has been increased to 1.8% from 1.7% by the government and it might post the biggest hike in five years.
The country’s trade surplus, meanwhile, increased to a seasonally adjusted €22.2 billion ($24.87 billion) in August from a revised €19.4 billion ($21.6 billion) in the previous month, which exceeded Reuters’ economists’ initial forecasts of a surplus of €20.0 billion ($22 billion).
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