Foreign orders boost German industry

Photo: AP

The revival of German industry is much faster and stronger than anticipated as foreign orders rose sharply, AP reported. The overall rise in January factory orders is seen as a sign for economic restart after the pandemic-driven slowdown.

The Federal Statistical Office reported that industrial orders rose 1.4% in January over the previous month when adjusted for seasonal and calendar variations, double what economists had been predicting. A 2.6% drop in domestic orders was more than offset by a 4.2% 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% in last year’s fourth quarter compared with the previous three-month period, a better performance than previously thought.

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