The German economy remains on a solid growth part despite a slowdown in emerging markets that could act as a drag on the country’s exports, the Economy Ministry said in its monthly report Friday.
"The growth perspectives of the world economy have further deteriorated in the past month," the ministry reportedly said. "Against this backdrop German exports remained slightly depressed at the start of the year."
Although economic sentiment had deteriorated over concerns about a slowdown in China, other factors such as a record high employment, low oil prices and a weaker euro should prop up the German economy, the ministry reportedly said.
In a separate release by Germany’s federal statistical office, Destatis announced that the number of German companies filing for insolvency fell last year to the lowest level on record thanks to a prolonged upswing in Europe's largest economy.
In 2015, the number of firms registering as insolvent fell by 4 percent to 23,123 compared to the previous year. This marked the sixth consecutive annual fall since the adoption of current insolvency rules in 1999, the office said.
The German economy grew by 1.7 percent in 2015, driven by strong private consumption and higher state spending. The European powerhouse also recorded an overall surplus of 19.4 billion euros ($21 billion) for the year. The year 2015 was the second year in a row that Germany's public finances had been firmly positive, while many fellow eurozone nations are extending their deficit above the EU limit of 3 percent of gross domestic product.