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German industrial orders surprise with October leap

Published December 6, 2016 Updated December 6, 2016 02:07pm

The volume of orders in October was 4.9 percent higher than the previous month, correcting for price, seasonal and calendar effects, the federal statistics office Destatis said in a statement.

With a 6.3-percent increase in orders, domestic demand rose more sharply than foreign orders, which grew by 3.9 percent.

The growth in foreign orders came entirely from non-eurozone countries, with orders from Germany's eurozone neighbours showing zero growth.

Looking sector-by-sector, capital goods firms reported the biggest increase in orders, at 7.2 percent, while producer goods makers saw growth of 1.8 and consumer goods 0.5 percent.

Excluding large contracts -- which can distort results -- from the calculation would still show overall growth in orders of 4.3 percent, Destatis said.

 

Copyright AFP (Agence France-Presse), 2016