Forex Fundamental News - German Current Account rises, Euro GDP grows in 4th quarter. | CountingPips Forex & Currency Trading Blog

April 9, 2008 - Forex Economic News

Forex Fundamental News - German Current Account rises, Euro GDP grows in 4th quarter.

Germany's current account surplus rose in February according to the Federal Statistical Office of Germany, beating market expectations. The current account surplus was at 15.4 billion euros in February after a revised surplus of 14.7 billion euros in January. Market forecasts had expected the current account to be a surplus of 13.1 billion euros. The German current account is the total of its foreign trade, services, factor income, current transfers and supplementary trade items combined. Germany's foreign trade balance also showed a more than expected surplus as it registered a surplus of 16.9 billion euros for February after a 17.1 billion euros surplus in January. Market economics had expected the trade surplus to slide to a total of 15.7 billion euros. Germany's trade surplus was boosted by strong demand for exports which were steady in February and showed a growth of 9 percent over last year.

EuroZone GDP grows at 0.4% in 4th quarter.

The Euro zone economy grew by 0.4 percent in the fourth quarter of 2007 according to a EuroStat news release today. The EuroStat report showed that GDP grew at an annual rate of 2.2 percent in the October to December quarter of 2007 while the EU27 GDP grew by 0.5 percent for the fourth quarter and grew at an annual rate of 2.5 percent. The third quarter of 2007 eurozone GDP had showed an increase of 0.7 percent compared with the second quarter while the EU27 had an increase of 0.8 percent. Economic forecasts were on the mark as they had expected that today's GDP numbers would match the previous estimates of 0.4 percent. The report showed that for the year of 2007, euro zone GDP grew by 2.6 percent which was just off the pace of 2.8 percent GDP growth for the year of 2006. EU27 GDP growth for 2007 was 2.9 percent compared to GDP growth of 3.1 percent in 2006.

Tags: germany current account, trade balance, surplus, eur, eurozone gdp, eu27, economy

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