German factory orders rise strongly in January

A 2.6 percent drop in domestic orders was more than offset by a 4.2 percent increase in foreign orders, the office reported.Germany's economy has been doing better than several others in the 19-country eurozone as it was supported by manufacturing, which has taken less of a hit than services during the pandemic.Last week the Statistical Office reported the German economy grew 0.3 percent in last year's fourth quarter compared with the previous three-month period, a better performance than previously thought.


PTI | Berlin | Updated: 05-03-2021 15:44 IST | Created: 05-03-2021 15:18 IST
German factory orders rise strongly in January
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German factory orders rose more strongly than expected in January, a promising sign of strength in Europe's largest economy, official figures showed Friday.

The Federal Statistical Office reported that industrial orders rose 1.4 percent in January over the previous month when adjusted for seasonal and calendar variations, double what economists had been predicting. A 2.6 percent drop in domestic orders was more than offset by a 4.2 percent increase in foreign orders, the office reported.

Germany's economy has been doing better than several others in the 19-country eurozone as it was supported by manufacturing, which has taken less of a hit than services during the pandemic.

Last week the Statistical Office reported the German economy grew 0.3 percent in last year's fourth quarter compared with the previous three-month period, a better performance than previously thought. The revision meant that last year's overall drop in GDP was a touch less sharp than originally reported — 4.9 percent rather than 5 percent.

AMS

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