Foreign orders boost German industryEuropost
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.