German companies avoiding UK peers ahead of a hard-Brexit



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German companies avoiding UK peers ahead of a hard-Brexit

On Friday, the 23rd of August 2019, the East European Association of German Business, engaged in overseeing the ins-and-outs of euro zone businesses, said that the German companies had distanced itself from their UK-based peers ahead of a likely disordered Brexit during the first half of the year.

Aside from that, the East European Association of German business, in short called as the East Committee had been quoted saying on Friday (August 23rd) that Germany’s trading volume with the United Kingdom fell by more than 5.8 percent during Q1 and Q2 of 2019, while the largest eurozone economy’s trading volume had reached 5 percent with Poland to a record €60 billion for the first time.

Nonetheless, casting shadows over a withering German economy, which had been awaiting government stimulus to revive its domestic financing, East Committee had also added that total German exports within the bloc, a 28-nation pact of European countries except United Kingdom, soared marginally by 0.6 percent while total exports of the bloc rose more than 2.2 percent during the first half of the year.

Adding that despite a dwindling export figure to United Kingdom, which used to be one of the largest trading partner of German economy, German exports were expected to report growth by the year-end, Chairman of the East Committee, Wolfgang Büchele said on Friday (August 23rd), “It is thanks to the close links between the German economy and EU countries such as Poland, the Czech Republic, Hungary, Romania and Slovakia that German exports can even report growth. ”