Export diversification augurs well for Europe's growth

Subject

The diversification and quality of European exports.

Significance

For all the gloom about Europe's economy, one fact stands out: the continent is a proficient exporter. This is not just true of Germany, the biggest exporter in Europe and the world's third-largest exporter overall. Half of the world's top-ten exporters are European.

Impacts

• Export prowess suggests Europe's long-run growth prospects remain good.
• This finding is independent of the currency fortunes of individual members or the region.
• This supports a more bullish view on the euro-area growth prospects than currently foreseen.