German factory orders rise strongly in January

Business

BERLIN (AP) — German factory orders rose more strongly than expected in January, a promising sign of strength in Europe’s largest economy, official figures showed Friday.

The Federal Statistical Office reported that industrial orders rose 1.4% in January over the previous month when adjusted for seasonal and calendar variations, double what economists had been predicting.

A 2.6% drop in domestic orders was more than offset by a 4.2% increase in foreign orders, the office reported.

Germany’s economy has been doing better than several others in the 19-country eurozone as it was supported by manufacturing, which has taken less of a hit than services during the pandemic.

Last week the Statistical Office reported the German economy grew 0.3% in last year’s fourth quarter compared with the previous three-month period, a better performance than previously thought.

The revision meant that last year’s overall drop in GDP was a touch less sharp than originally reported — 4.9% rather than 5%.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Now Trending on KRQE.com

Albuquerque Hourly Forecast

Don't Miss

MORE IN DON'T MISS

Photo Galleries

MORE PHOTO GALLERIES

News Resources

MORE NEWS RESOURCES