German factory orders rise strongly in January | iNFOnews | Thompson-Okanagan's News Source

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German factory orders rise strongly in January

March 05, 2021 - 9:16 AM

BERLIN - 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% 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.

The revision meant that last year’s overall drop in GDP was a touch less sharp than originally reported — 4.9% rather than 5%.

News from © The Associated Press, 2021
The Associated Press

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