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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Top Stories Most Popular Photos Full Coverage Sitemap German central bank sees 2.5% growth this year AFP - Wednesday, March 9 Send IM Story Print FRANKFURT (AFP) - – The German central bank said on Tuesday that a pick up in domestic demand and sustained exports should drive growth of around 2.5 percent this year for Europe's largest economy. "We expect growth of around 2.5 percent this year," outgoing Bundesbank president Axel Weber said as he presented the bank's annual results in Frankfurt. The German government has forecast growth of 2.3 percent following a record expansion of 3.6 percent in 2010 and the country's worst post-war recession which saw the economy shrink 4.7 percent in 2009. German goods such as machine tools used by Asian countries to produce consumer products have been in demand during the global economic rebound and luxury automobiles have also fared well. Data released by the national statistics office showed Tuesday that industrial orders bounced back 2.9 percent in January, with the strongest rise seen in domestic demand. "German industry got back to (excellent) business and started 2011 on a strong footing," UniCredit chief German economist Andreas Rees said. The German recovery has "quickly balanced out" to include demand from households and businesses last year, Weber noted. Commerzbank economist Ulrike Rondorf said that "rising demand for German products is also reviving investment activity in Germany," and her bank expects growth of 3.0 percent in 2011. Inflation has picked up as well, meanwhile, and should reach around 2.0 percent this year, compared with 1.1 percent in 2010, before easing in 2012 unless strong wage increases come through, Weber said. Weber steps down as head of the central bank at the end of April and has accepted a one-year post as guest professor at the University of Chicago, after which he is to take up another academic position at the University of Cologne. He also presented the Bundesbank's annual results on Tuesday, showing a surplus of 2.2 billion euros ($3.0 billion) in 2010, down from 4.1 billion euros a year earlier. That is bad news for the German government's budget, to which the central bank contributes any surplus it makes. "The increase in provisions for risks is the main reason for the decline of the surplus," Weber said. The Bundesbank and other European Central Bank members have had to increase provisions because an ECB decision to buy bonds issued by heavily-indebted eurozone governments has increased its risk exposure. Weber has publicly criticised those purchases on several occasions, putting him at odds with several European Union leaders. Send IM Story Print News Search Top Stories Wall Street insider trading trial picks jury Oil prices ease as Saudi downplays supply fears Libya: live report Italy's top bank ready to freeze Libya stake World oil supply 'very adequate': Saudi minister More Top Stories » ADVERTISEMENT Most Popular Most Viewed NASA scientists in row over 'alien microbes' China richest man says work key to easing poverty Subway steams past McDonald's in store race Oil prices ease as Saudi downplays supply fears Prince faces calls to quit trade role More Most Viewed » More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2011 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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