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German recovery storms ahead
The strengthening German economy is driving confidence in the Eurozone, according to several reports out yesterday. German GDP is set to expand by three per cent in 2011, said a survey of companies by trade association DIHK, while a paper by the Ifo research institute suggested that a Eurozone growth index jumped nine points to 116.8 in the last three months of the year. Figures out yesterday also showed a 0.5 month-on-month rise in exports from Germany in December, contributing to an 18.5 per cent rise over 2010 and widening the seasonally-adjusted trade surplus to €13.9bn (£11.8bn).