German industrial orders gain 2.4 percent in February

FRANKFURT: German industrial orders rose 2.4 percent in February, according to provisional data released by the economy ministry Wednesday, with domestic demand underscoring a positive trend in the biggest European economy. A ministry statement revised the level of January order growth up to 3.1 percent from 2.9 percent, a further demonstration of strength that has benefited from global economic activity. The latest increase was well above a forecast monthly rise of 0.5 percent compiled by Dow Jones Newswires.

"The marked trend higher continues," the ministry statement commented, adding that "the strongest momentum at the moment is from the domestic market." Orders from within Germany climbed by 2.6 percent in February, while foreign orders were 2.3 percent higher an encouraging sign that domestic demand has begun to contribute to overall growth. Germany has traditionally relied on exports to power its industrial machine.