NÜRNBERG, Germany – In an analysis provided by NürnbergMesse, one of the 20 largest exhibition companies in the world, signs indicate growth again in Europe. In 2010, the majority of the members of the euro zone succeeded in leaving behind the consequences of the global financial and economic crisis. The leader is Germany with gross domestic product (GDP) growth of 3.8 percent. The euro region expects an increasing worldwide demand for products and services in 2011, and the industry is suitably prepared. The stability of the euro promotes exports, which are important for the euro zone.
German companies in particular are profiting from the worldwide recovery. The machinery and plant manufacturers and the automotive industry are currently achieving large export growth. For example, Volkswagen, Daimler and BMW report huge rises in sales, and even shortened the holidays over Christmas. The orders in the component-supply industry are increasing accordingly. The development in the chemical, electrical engineering and building industries is similarly positive. The latter is benefiting from energy-saving renovation work on buildings, and the large demand for solar and photovoltaic products.
The economic power of Germany’s neighbors, Belgium, Denmark, France, Luxembourg, the Netherlands, Austria and the Czech Republic, increased by approximately two percent in each country in 2010. Growth in Slovenia and Slovakia also picked up speed in 2010.
Finland proved its capacity once again with some three-percent growth. This Scandinavian country is one of the most competitive economies in the euro zone. A strict cost-cutting plan, along with privatization and investment in the high-tech sector and the educational system, rescued the country from bankruptcy after trade with Eastern Europe came to an end, triggered by the collapse of the Soviet Union. Today, Finland is distinguished by its extremely low national debt and small budget deficit.
The difficulties experienced by individual countries in the euro zone in 2010 were offset by loans from the Eurogroup. At the same time, the body of the European Union, in which the euro zone states coordinate their fiscal and economic policy, imposed strict rules on the countries in deficit.
The number of customers from emerging economies who are interested in European products is growing. This is because the economies in China, Brazil and the emerging countries of Southeast Asia recovered more quickly than in the industrial countries. In addition, Europe should be able to expand its position as a leading supplier of eco-technologies in the future.