Consumption in Germany 'best in 10 years'

Consumption in Germany, Europe's top economy, was at its strongest level for more than a decade in 2011 despite the ongoing euro crisis, the German Chamber of Commerce and Industry (DIHK) said Monday. "Overall, robust domestic demand helped to prevent a decline in the economy. 2011 was the best year for consumption for more than 10 years," the group said in a statement.
"According to DIHK projections, private consumption last year rose by at least 1.2 percent compared to 2010. Domestic consumption demand was driven by the favourable labour market," added the DIHK. Statistics published earlier on Monday showed a record number of people in work in Germany, with more than 40 million holding down a job over 2011, the first time this level has been breached. More than 500,000 jobs were created last year in Europe's powerhouse economy, which has weathered the eurozone crisis better than most.