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5/11/09

Spiegel Online: Germany - Light at the End of the Tunnel?: Rising German Exports Hint at Recovery

For the complete report from the SPIEGEL ONLINE click on this link

Germany - Light at the End of the Tunnel?: Rising German Exports Hint at Recovery

German exports saw a surprise upswing in March, fuelling speculation that the deep recession may be bottoming out. But experts urge caution, saying it's too soon to give the all clear to Europe's largest economy. German exports recorded an unexpected improvement for the first time in half a year in March, official data showed on Friday, sending a faint signal of hope for an economy mired in its deepest recession since World War II. Preliminary figures showed that exports, adjusted for working days and seasonal changes, rose by 0.7 percent to €66.4 billion ($88.46 billion), according to the Federal Statistics Office. Imports also posted their first monthly increase since September, climbing by 0.8 percent to €57.6 billion. Both sets of data were much more positive than experts' forecasts. But showing the pressure that many German manufacturers are under, the German DPA news agency reported on Friday that German auto parts company Schaeffler Group was planning a massive round of job cuts, including an estimated 5,000 losses in Germany. The company declined to comment on the report.

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