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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
US health officials to spend US$100 million on bird flu surveillance
Jim Simons, math genius who conquered Wall Street, dies at 86
Aiming for rosier ties, Xi wraps up Europe visit
Oil falls on prospect of higher-for-longer US rates, stronger dollar
Fed officials mull if rates are high enough as inflation expectations jump
US bill to restrict WuXi AppTec, Chinese biotechs revised to give more time to cut ties