German Factory Orders Rise 1 Per Cent in August

Berlin, – German industry saw factory orders jump by 1 per cent in August compared to the previous month, boosted by domestic demand and new orders from the eurozone, figures released Thursday showed.

German manufacturers saw new order totals rise a seasonally-adjusted 1 per cent in August compared to July, when orders increased 0.3 per cent compared to June, according to figures released by the German Federal Statistics Office.

Domestic orders had increased by 2.6 per cent in August, while foreign orders sank by 0.2 per cent. Eurozone orders soared 4.1 per cent compared to the previous month, said German press agency (dpa). Manufacturers saw a 2.8-per-cent decrease in orders from non-euro countries. The latest data indicates a slight recovery in industrial activity over the course of the year, the German Economy Ministry said.

The economic outlook in Europe’s largest economy had already brightened last week when the Munich-based Ifo institute said the optimism of purchasing managers in September had soared to a high not seen in more than two years. The Munich-based Ifo institute said its closely-watched business confidence index, based on a monthly survey of about 7,000 executives, rebounded to 109.5 points in September after falling to 106.3 points in August.

The index’s gain followed rises in business confidence across all industrial sectors, which analysts said resulted in the index rising at its fastest monthly rate in about six years.

Source: Qatar News Agency