German factory orders fall less than expected in January

[BERLIN] Weaker domestic demand drove a dip in German industrial orders in January, but a strong rise in bookings from other euro zone countries cushioned the fall, data showed on Monday.

Contracts for 'Made in Germany' goods were down 0.1 per cent on the month, the Economy Ministry said. That compared with a Reuters consensus forecast for a decline of 0.3 per cent.

Domestic demand fell 1.6 per cent while foreign orders rose 1.0 per cent, with bookings from the euro zone pushing up 7.5 per cent.

The data for December was revised up to a drop of only 0.2 per cent from a previously reported fall of 0.7 per cent.

"Over the two months, the impulses are from abroad," the ministry said, adding strong foreign demand showed the German industrial sector's competitiveness. "However, expectations in industry have become considerably overcast and signal only a modest economic upswing in industry."

REUTERS