Germany Reports Strong Trade Surplus
Germany has posted strong economic data with record trade surplus of 30.2 billion euros. The report released by Destatis statistics office said that the data hasn’t been seasonally adjusted yet. The trade surplus is stronger compared to the data for March 2016 at 29.1 billion euros. The German economy is showing tremendous strength among major European economies but the dependence on exports is a reason of worry among German business owners. The growth in exports is also due to lower valuation of Euro compared to USD and other currencies which makes German products cheaper in international markets.
U.S. President Donald Trump has criticized Germany for having artificially weak currency that leads to higher trade surplus. However, German Finance Minister Wolfgang Schäuble denied the the charges and said that Euro is trading weak due to stimulus program of the European Central Bank. Euro has faced continuous decline over last two years because of fragile economic recovery, political issues and weak condition of Greek and Italian economies. However, lower valuation of Euro has helped German and French exporters.
The exports during March 2017 were recorded at their second highest level since record keeping started. Germany exported goods worth Euro 118 billion and imported goods worth Euro 92.9 billion.
Compared to data for March 2016, exports during March this year were higher by 10.8 percent while imports jumped by 14.7 percent.
The German government report informed, “The current account surplus is expected to ease to 7.3% of gross domestic product in 2018 from 8.3% of GDP in 2016.”
Industrial production during March was lower by 0.4 percent compared to 1.8 percent growth during February. Industrial production accounts for nearly 30 percent of German economy.
Global markets registered strong start for the week with oil prices recovering and Italian banks supporting European indices. Italian authorities said that they are ready to spend 17 billion Euros to deal with closure of two big banks in Italy.
An AirAsia flight returned to Perth 90 minutes after takeoff due to single engine failure. The flight for Kuala Lumpur returned due to technical issue and landed safely in Perth at 10 am.
Microsoft has confirmed that some part of Windows 10 source code has leaked online. Some of the leaked source code was posted to Beta Archive this week. Beta Archive website keeps track of Microsoft Windows releases.
Google will stop scanning content of emails in future for serving advertisements to users based on content of their emails. Google has been criticized for this controversial advertising technique by privacy advocates.
Austrian government’s plan to offer Euro 1,000 to migrants to return home has found limited number of takers. As per Interior Ministry data, 427 migrants have accepted the offer.
American aviation major Boeing has signaled its intent to unveil a modified version of its 737 MAX 10 aircraft at the opening of the Paris Airshow on Monday this week.