Germany hobbles to tepid growth in 2012
(01-15 16:39)
The German economy, Europe's biggest, grew by just 0.7 percent last year, compared with 3 percent in 2011, the federal statistics office Destatis calculated.
“Overall, the German economy proved itself to be very robust,’’ Destatis president Roderich Egeler said, AFP reports. “Despite the European economic crisis, gross domestic product expanded by 0.7 percent, driven particularly by robust foreign trade as well as domestic consumption.’’
For the first time in five years, the overall state budget – which covers both the German government, the regional and municipal authorities, as well as the social welfare administration – showed a surplus of 2.2 billion euros, equivalent to 0.1 percent of GDP, Egeler added. In 2011, the overall state budget had shown a deficit ratio of 0.8 percent.
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