Germany’s FSO Report Indicates 14.7 % Export Growth

In a recent report by the Federal Statistical Office, Germany’s exports growth has been shared in public domain. The report claimed that Germany encountered a growth of 14.7% in the first six months of 2011 and the major contributing factor was export to the non-European countries.

Against the value of euro458.3 billion in the first six months of 2010, this year figure notched up to euro525.6 billion ($721.60 billion), thereby reinforcing the fact that Germany is the world's second largest exporter.

Leading the charts was turkey which faced an increase of 45% to euro10.6 billion while Russia followed with a growth of 38.7% to euro15.8 billion and china didn’t lag behind and got the third slot with a 25.2 % export growth to euro31.6 billion.

Nonetheless, the fears of euro zone crisis have affected Germany's market, as it faced a drop in business confidence recently which was further compounded by a dithering second-quarter economic growth of mere 0.1%.

Despite of all this mess, Chancellor Angela Merkel maintained her stance that "Germany is doing well”.

While the fears concerning recession hovering the minds of countries across the world, it would be interesting to see how Germany seam through the global challenges ahead.