German Factory Orders Growth Tops Expectations
05 March 2021 - 3:27PM
RTTF2
Germany's factory orders growth exceeded expectations in January
underpinned by robust foreign demand, data from Destatis revealed
on Friday.
Factory orders expanded 1.4 percent month-on-month in January,
reversing a revised 2.2 percent fall in the previous month. Orders
were forecast to climb 0.7 percent. Domestic orders dropped 2.6
percent, while foreign demand grew 4.2 percent in January. New
orders from the euro area advanced 3.9 percent, and that from other
countries gained 4.4 percent from December.
Excluding major orders, real new orders in manufacturing were
2.8 percent higher than in the previous month.
On a yearly basis, factory orders growth slowed to 2.5 percent
from 6.1 percent in the prior month.
Today's data suggest that the industrial-strength will continue
in 2021, Carsten Brzeski, an ING economist said. Soft indicators
had already pointed in that direction and now hard data confirm the
divergence between the manufacturing and services sector.
The latest Purchasing Managers' survey results also showed a
strong and accelerated growth in Germany's manufacturing sector,
driven in part by robust demand from abroad. The PMI rose steeply
to a 37-month high of 60.7 in February from 57.1 in January.
Data showed that turnover in manufacturing decreased 1.1 percent
in January after rising 2 percent in December.
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