German Industrial Orders Surprise With October Boost
Mohammad Ali (@ChaudhryMAli88) Published December 06, 2017 | 01:35 PM
Industrial firms in Germany beat analysts' expectations by reporting slightly increased orders in October, official data showed Wednesday, suggesting a run of strong growth has further to go before petering out
Frankfurt am Main,(APP - UrduPoint / Pakistan Point News - 06th Dec, 2017 ) :Industrial firms in Germany beat analysts' expectations by reporting slightly increased orders in October, official data showed Wednesday, suggesting a run of strong growth has further to go before petering out.
New contracts -- seen as an indicator of future growth in Europe's largest economy -- added 0.5 percent month-on-month, figures from Federal statistics authority Destatis showed, where analysts surveyed by Factset had predicted a slight decrease.
The statisticians also revised the previous month's growth in orders up slightly, to 1.2 percent. Both domestic and foreign demand for German goods contributed to the October increase, with 0.4-percent growth in orders at home and 0.5-percent expansion abroad.
But new contracts from Germany's neighbours in the 19-nation eurozone fell by 1.2 percent, while demand from the rest of the world increased 1.
6 percent. Manufacturers of capital and consumer goods both saw increased orders, but producer goods makers reported falling demand.
"Ordering activity increased for the third time in a month in October, overall a very active development," the economy ministry in Berlin commented in a statement. A two-month comparison of September and October versus July and August -- which the ministry argues is more representative of underlying trends -- showed growth in orders of 3.4 percent.
Surveys among German business leaders show confidence at an all-time high, with economic growth powered by domestic consumption, a construction boom and growth in investments, while foreign demand for the nation's goods remains unslaked.
Combined with those factors, Wednesday's results mean "the business cycle in industry should remain on a strong upward trend," the ministry predicted.
Related Topics
Recent Stories
HEC reviews curricula for environmental sciences degree programme
ICC Asia looking forward to an action-packed Asia Cricket Week
Yuvraj Singh named ICC Men’s T20 World Cup 2024 Ambassador
Greece hands Olympic flame to 2024 Paris Games hosts
Two Kyiv hospitals evacuating over feared Russian strikes
World must act on neurotech revolution, say experts
Charles & Catherine's cancer diagnoses
Champions Alcaraz and Sabalenka through in Madrid Open
King Charles to resume some public duties during cancer treatment: palace
US defense chief announces $6 bn in security aid for Ukraine
Heavy rains cause damage to Spezand-Taftan railway track
Woman stabbed in Israel, attacker killed: police
More Stories From World
-
NFL will allow players to wear Guardian Cap helmets in games
38 minutes ago -
Football: German Bundesliga table
38 minutes ago -
Football: Italian Serie A result
38 minutes ago -
Football: German Bundesliga results
39 minutes ago -
US troops to leave Chad in second African state withdrawal
39 minutes ago -
Plastics pollution may be solved without production cap: Canada minister
49 minutes ago
-
Biden stalls on menthol cigarette ban fearing Black vote backlash
58 minutes ago -
Champions Alcaraz and Sabalenka through in Madrid Open
59 minutes ago -
6,000 French police to welcome Olympic torch amid bonus boost
1 hour ago -
Taiwan hit by several quakes, strongest reaching 6.1-magnitude
2 hours ago -
'Ballistic' Bairstow stars as Punjab pull off record T20 chase
2 hours ago -
Tennis: ATP/WTA Madrid Open results - 2nd update
2 hours ago