Schaeuble sees German 2011 growth over 3pc

BERLIN: German Finance Minister Wolfgang Schaeuble said he still expects the country's gross domestic product (GDP) to expand by more than 3 percent in 2011 despite the recent financial market turbulence.

In an interview with Der Spiegel news magazine published on Sunday, he said: "Everything is pointing towards us having growth this year of above 3 percent".

He added that it is a key goal of the government to ensure that market disruptions do not harm the overall economy.

"So far that hasn't happened," he said, noting that markets would again focus their attention at some point on fundamental economic data. "As far as Germany goes, the fundamental data are very good."

The government's official growth forecast for 2011 is 2.6 percent even though Chancellor Angela Merkel has said growth will probable exceed 3 percent. Most economists expect 2011 growth to be 3 percent or more after 3.6 percent in 2010.

Copyright Reuters, 2011