Germany’s economy exceeds pre-crisis performance – minister

24 May 2011 19:41  [Source: ICIS news]

LONDON (ICIS)--Germany’s economy is exceeding its pre-crisis performance level and can look forward to continued growth in coming quarters, the country’s economics minister said on Tuesday.

Philipp Rosler, who took over as economics minister from Rainer Bruderle this month, said Germany’s first-quarter GDP beat - for the first time - its pre-crisis level from early 2008.

Following eight consecutive quarters of sequential growth, Germany’s recovery has “gained in breath and stability,” Rosler said.

He noted, in particular, strong German domestic demand.

In related news on Tuesday, Cologne-based Institute for the German Economy (IW) said Europe’s largest economy should grow 3.5% in 2011 after a strong first-quarter, when GDP rose 1.5% sequentially from the 2010 fourth quarter.

IW’s forecast compares with a recent consensus on a 2.8%-growth forecast for 2011 by eight German economics institutes.

Also on Tuesday, Munich-based Ifo institute said its business confidence index for Germany remains unchanged from April at 114.2 points in May.

Economists polled by a news organisation had expected a decline. The Ifo index is based on about 7,000 monthly survey responses from firms in manufacturing, construction, wholesaling and retailing.

In the chemical industry, Frankfurt-based trade group VCI last week doubled its 2011 chemical production forecast for Germany to 5% after a robust first quarter.

Read Paul Hodges’ Chemicals and the Economy Blog

By: Stefan Baumgarten
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