German exports in October 2016 fell by 4.1% compared with the same period last year. As a result, for the first ten months of the year exports grew by only 0.3%.
Germany exported in October 2016 products by 101.5 billion euros, which is 4.1% less than in the same period of 2015. Preliminary data released on Friday, 9 December, the Federal Statistical Office in Wiesbaden. Imports of goods decreased by 2.2 percent in October. In comparison with September 2016, exports grew by 0.5%, while imports – by 1,3protsenta.
Falling exports to EU countries amounted to 4.5%, while imports from these countries in Germany fell by 1.9 percent. Exports to countries outside the EU decreased by 3.4%, while imports from there – by 2.7 percent.
If we consider the German exports for the period from January to October, in the current year, this figure exceeds the figures for 2015, although only slightly – only 0,3protsenta. Federal Association of Wholesale and Foreign Trade Germany previously counted on annual export growth of 2 percent. In the current conditions, is expected to experts, this figure will be significantly lower.
The Bundesbank has improved the forecast for GDP growth
Despite the decline in export growth, the German Federal Bank raised its forecast for GDP growth in Germany for the current year and next, explaining his decision to an active domestic demand against the backdrop of a favorable situation on the labor market and growing incomes of private households.
According to the Bundesbank adjusted forecast of 9 December, 2016 and 2017 German GDP growth of 1.8% instead of 1.6% previously expected. At the same time the Bundesbank believes that in the coming years, the situation for private households will not change for the better, which will lead to a moderate increase in GDP in 2018 and 2019 – by 1.6% and 1.5% respectively.
