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German economy grows by 3.6% in 2010 You On Here » German economy grows by 3.6% in 2010

Germany benefited from a rebound in global trade that lifted its tax revenues while falling unemployment reduced the need for public spending.

The German economy expanded at the fastest pace in two decades last year on the back of strong exports and robust domestic consumer demand, data released by the Federal Statistics Office showed on Wednesday.

Germany's economy grew by a record 3.6% in 2010 in price-adjusted terms, posting its biggest surge since the nation's reunification, according to the Federal Statistics Office.

Germany benefited from a rebound in global trade that lifted its tax revenues while falling unemployment reduced the need for public spending.

Germany was hit in 2009 by the worst recession since World War II, with its GDP slumping 4.7%.

"We grew by twice the European Union average," Economy Minister Rainer Bruederle said in a statement.

The number of employed workers in Germany climbed to an all-time high of 40.5 million people.

Meanwhile, the public deficit rose to 3.5% of GDP, in part owing to strong stimulus measures taken to battle the recession.

Germany ended the year with a deficit of €88.57bn (US$115bn), the Destatis office said, surpassing the European Union (EU) ceiling of 3% of GDP.

The Wall Street Journal, India Online

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