Friday 23 June 2017

Industrial orders up strong 5.2pc in Germany for November

German industrial orders in November rose by a strong 5.2pc on the month, fuelled by brisk foreign demand for capital goods, official figures show.

Domestic industrial orders in November rose by 1.5pc and demand from abroad was up by 8.2pc, leading to the "remarkably strong" overall increase of more than 5pc, Germany's economy ministry said yesterday. November's uptick followed an increase of 1.6pc in October.

German industrial orders in November were 21.7pc higher than a year ago, when the financial crisis had plunged the country into its deepest post-war recession, the ministry added.

Positive

Its recovery has made it stand out among the 17 countries that use the euro, where smaller economies such as Ireland and Greece are struggling with huge debts and deep recessions.

Orders for consumer goods in November dipped slightly by 1.6pc, but orders for capital goods were up by 9.1pc on the month -- and 29.3pc on the year, the ministry said.

The figures point to a positive fourth quarter and "the industry is in a good starting position for the new year," it added.

Germany, Europe's biggest economy and the world's No 2 exporter after China, has made an impressive mostly export-driven comeback after seeing its economy contract by 4.7pc last year.

Germany's central bank has forecast the economy will grow by 3.6pc in 2010 and 2pc this year. The number of jobless, meanwhile, has fallen to about three million.

Irish Independent

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