German factory orders rise in August on foreign demand

FAN Editor

Factory orders in Germany, Europe’s largest economy, rose strongly in August after two months of declines, boosted by strong foreign demand from outside the eurozone.

The Economy Ministry said Friday that orders rose 2 percent in August over July, in seasonally and calendar adjusted figures. That follows a 0.9 percent drop in July and a 3.9 percent drop in June.

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Orders are still down 2.1 percent on the year but ING economist Carsten Brzeski says the figures support his forecast of solid German growth in the second half of 2018.

Domestic orders dropped 2.9 percent in August, but that was offset by a 5.8 percent rise in foreign orders.

Foreign orders from countries using the euro currency dropped 2.2 percent, but those from non-eurozone countries rose 11.1 percent.

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