German economic growth slows down in 2002
According to the latest data issued by the German Federal Statistics Office, the economic growth in Germany has performed the lowest growth rate in the last 9 years, in 2002. The growth target for growth in 2002 was indicated as 0.5% by the government, however the actual growth turned out to be only 0.2%. In 2001, a growth rate of 0.6% was reached. Exports were the most important force supporting growth against the weak domestic demand in Germany last year. Despite the upper limit of 3% determined by the European Commission, the rate of Germany's budget deficit to its GDP rose to 3.7% in 2002 from 2.8%. Meanwhile, being one of the biggest partners in foreign trade, such economical developments in Germany start to raise worries among exporters in Turkey. Turkey effects 16.73% of its exports into Germany, according to statistical data on hand. In 2002, total exports to Germany increased by 6.1% and reached a total amount of $ 5.4 billion.