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Financial News: Germany's Factory Orders Rebound More Than Forecast

Germany's Factory Orders Rebound More Than Forecast

02/06/2018 - 05:20:00 (RTTNews)

(RTTNews) - Germany's factory orders rebounded at a faster-than-expected pace at the end of 2017 on foreign demand.

Factory orders increased 3.8 percent month-on-month in December, in contrast to a revised 0.1 percent drop in November, data from Destatis showed Tuesday.

This was the fastest growth in four months. Orders were expected to climb moderately by 0.8 percent.

Domestic orders grew 0.7 percent and foreign bookings increased 5.9 percent on the previous month in December.

Demand from the euro area logged a double-digit growth of 11.2 percent and that from other countries gained 2.7 percent.

Year-on-year, new order growth eased to 7.2 percent from 9.1 percent in November.

The economy ministry said new orders were extremely dynamic in the second half of 2017.

Brisk demand from abroad ensured full order books and good sentiment in the companies. The German industry should start strongly in the year 2018, the ministry added.

On the other hand, turnover in manufacturing dropped 0.3 percent on month, following November's 4.6 percent increase.

Destatis is scheduled to release industrial production data on February 7. Economists forecast output to drop 0.5 percent in December.

Elsewhere, survey data from IHS Markit showed that the construction sector expanded at the fastest pace in nearly seven years in January on mild weather.

The Purchasing Managers' Index rose sharply to 59.8 in January, the highest since March 2011, from 53.7 in December.

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