German exports sharply declined by 2.4 percent in May compared to previous month. <\/p>\n
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Official figures show that Germany\u00e2\u201e\u00a2s export volume experienced a surprise decline in May, amid a sharp fall in demand in the recession-hit eurozone.\n<\/p>\n
Germany\u00e2\u201e\u00a2s Federal Statistics Office revealed on Monday that the country\u00e2\u201e\u00a2s seasonally-adjusted exports plummeted 2.4 percent in comparison to previous month, falling more than the forecasted 0.1-percent gain.\n<\/p>\n
\u00c5\u201cGerman exports dropped sharply in May, illustrating that the economy still has difficulties to shift into a higher gear,\u201d said senior economist Carsten Brzeski.\n<\/p>\n
It was the biggest decline in exports since late 2009 and analysts say the reasons for the decline are the eurozone crisis, where Germany sends 40 percent of its shipments and a weaker demand from China, which many German manufacturers had looked to as an alternative.\n<\/p>\n
A recent purchasing managers\u00e2\u201e\u00a2 survey suggested that the export situation would not improve in June since bookings from abroad dropped in the manufacturing sector for a fourth straight month.\n<\/p>\n
The German government expects the country\u00e2\u201e\u00a2s exports to negatively affect gross domestic product (GDP) this year and is instead relying on private consumption, helped by higher wages, to support economic growth.\n<\/p>\n
Germany\u00e2\u201e\u00a2s economy weakened in 2012 and is now struggling as it just avoided recession after posting a mere growth of 0.1 percent in first quarter of this year, following a 0.5 percent contraction in final quarter of 2012.\n<\/p>\n
CAH\/HSN
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Republished with permission from: Press TV<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"German exports sharply declined by 2.4 percent in May compared to previous month. Official figures show that Germany\u00e2\u201e\u00a2s export volume experienced a surprise decline in May, amid a sharp fall in demand in the recession-hit eurozone. Germany\u00e2\u201e\u00a2s Federal Statistics Office revealed on Monday that the country\u00e2\u201e\u00a2s seasonally-adjusted exports plummeted 2.4 percent in comparison to previous […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[487],"tags":[],"class_list":{"0":"post-48588","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-breaking-news"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/48588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=48588"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/48588\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=48588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=48588"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=48588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}