German industrial orders unexpectedly rise in October

FAN Editor
FILE PHOTO: Workers assemble a VW e-Golf electric car in Dresden
FILE PHOTO: Workers assemble an e-Golf electric car at the new production line of the Transparent Factory of German carmaker Volkswagen in Dresden, Germany March 30, 2017. REUTERS/Fabrizio Bensch/File Photo

December 6, 2017

BERLIN (Reuters) – German industrial orders increased unexpectedly in October thanks to strong demand from outside the euro zone, data showed on Wednesday, suggesting this sector of Europe’s biggest economy is likely to gain steam in the coming months.

Factories registered a 0.5 percent rise in orders after contracts for ‘Made in Germany’ goods climbed by an upwardly revised 1.2 percent in September, data from the Economy Ministry showed.

The reading confounded expectations in a Reuters poll for a 0.3 percent drop.

A breakdown of the data showed foreign demand picked up by 0.5 percent as a 1.6 percent surge in contracts from outside the currency bloc offset a 1.2 percent drop in euro zone bookings. Domestic contracts were up by 0.4 percent.

(Reporting by Michelle Martin; Editing by Joseph Nasr)

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