Macau News reported that Germany's Bundesbank has upgraded its forecast for economic growth in 2012.

While the country has been feeling pressure from the euro zone debt crisis, the central bank has still been able to raise its forecast for gross domestic product growth this year to 1% from the previous 0.6%. GDP growth has achieved 0.5% for the first three months of 2012.

Strong exports and local consumer demand for German made goods are leading the pace of growth. Demand for German exports from countries outside Europe has also been noted as increasing.

The Bundesbank has written in its latest monthly report that "Following a temporary phase of weakness, the German economy has regained momentum. The adjustment recession in some euro zone countries and the loss in confidence resulting from the sovereign debt crisis have left their mark. But the German economy's structural soundness and the robustness of the global economy have retained the upper hand."

The German economy just managed to avoid a recession in the latter part of 2011

Source - Macau News

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