German leasing association the BDL recorded almost €50bn in new business for 2012.

The precise figure, €49.3bn, marks a 0.5% increase over the €49.05% recorded for 2011. The leasing sectors share of aggregate investments rose from 15.1% to 15.5% over the same period, with leasing now accounting for 53% of all externally financed investments.

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Martin Mudersbach, BDL chairman, said: "In view of the current economic mood, and the inhospitable investment climate, we are satisfied with this result.

"Even in the present weak state of the economy, leasing companies are proving themselves to be partners that small and medium-sized companies can depend on."

Road vehicle leasing, the biggest sector with 69% market share, has risen by 2% year-to-date. However, this was largely driven by the first half of the year, and a rise of 2% in new commercial vehicles in the first nine months was offset by a 7% drop in private vehicles over the same period.

In other sectors, aircraft, water and rail vehicle leasing, the smallest with 1% of market share, contracted by 22%. Communications, engineering, medical and renewable energy equipment as a group grew by 2%, but office and IT equipment and production machinery fell by 6% and 2% respectively.

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Mudersbach believes there will be an eventual return to growth, but that any change will depend on Eurozone confidence.

"Signs of an upturn are beginning to appear," he said. "But an overall improvement in the investment climate any time before the second half of 2013 is unlikely."