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In August, German exports managed to outpace imports, extending the trade surplus and contributing to evidence that the EU’s number one economy acted strongly in the third quarter, as data disclosed on Tuesday.
As a matter of fact, seasonally adjusted exports inched up by 3.1% on the month. Meanwhile, imports ascended 1.2%, as data from the Federal Statistics Office unveiled. It turned to be the strongest exports ascend for 12 months.
Both import and export surge was stronger than anticipated. A Reuters survey had pointed to exports soaring 1% and imports leaping by 0.5%.
The seasonally adjusted trade surplus extended to 21.6 billion euros from July’s downwardly updated reading of 19.3 billion euros. August’s outcome appeared to be higher than the Reuters consensus prediction of 20.0 billion euros.
Germany's wider current account surplus, measuring the flow of services, investments and good, dived to 17.8 billion euros after July’s upwardly updated outcome of 19.6 billion euros, as unadjusted data revealed.
About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.
Greetings to a brand new week full of events, economic releases and US debt frictions. We are here to tell you everything you need to know!
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