German exports grew 18.5% in 2010

Carmakers are One of Germany's Biggest Exporters

Carmakers are One of Germany’s Biggest Exporters

The German economy closed the year 2010 on a high as its exports rose by 18.5% for the year, with the last month of December registering a growth of 0.5%, data released by Federal Statistics office showed.

However, against analyst’s projection of a slight growth, surprisingly imports actually fell by 2.3% on November. The imports for the entire year grew by 20%, data released by the authorities showed.

Germany is Europe’s largest economy and has played a pivotal role ensuring the turnaround of the Eurozone. The country’s export driven economy grew the fastest in EU last year and annual growth rate has been estimated at 3.6%.

“The export-led recovery is alive and kicking”, said Carsten Brzeski, senior economist at ING.

“Despite fiscal consolidation in other eurozone countries and slower global demand, products ‘made in Germany’ remain a bestseller”, he added.

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