GERMANY

摘要

In October, the German government delivered its first economic growth projections to take into account the stellar 2.2% (q-o-q) export-driven expansion of Q2 2010. Accordingly, 2010 growth projections have been sharply upgraded from 1.4% to 3.4% while 2011 expectations have edged up from 1.6% to 1.8%, slightly below the consensus level of 2.1%. Moreover, the Bundesbank expects that the budget deficit may even fall below the 3%-of-GDP Maastricht limit next year due to cyclical improvements.