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.