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The German Economy in the Spring of 2004

机译：2004年春季的德国经济

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The German economy is slowly emerging from stagnation. Both output and demand have been rising again since last autumn, though still at an extremely slow pace; at the same time, the decline in capacity utilisation has persisted and employment has fallen further. The rise in output is based, on the one hand, on the impetus provided by the upturn in the world economy despite the drastic appreciation of the euro; on the other, asuncertainty has eased _ not least following the war in Iraq _ the boost received from the expansive monetary policy stance has become increasingly significant, and this is also strengthening the economy in the rest of the euro zone. The first indication of a domestic recovery in Germany is in the growth in investments in machinery and equipment. Private consumption, by contrast, has remained weak.
机译：德国经济正从停滞中缓慢崛起。自去年秋天以来，产量和需求都再次增加，尽管增速仍然非常缓慢。同时，产能利用率持续下降，就业进一步下降。一方面，产量增长是基于尽管欧元急剧升值，但世界经济回升所提供的动力;另一方面，尤其是在伊拉克战争之后，不确定性已经得到缓解，尤其是在扩张性货币政策立场下，这种不确定性得到了越来越大的缓解，这也在增强欧元区其他地区的经济。德国国内复苏的第一个迹象是机械设备投资的增长。相反，私人消费仍然疲软。

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