BERLIN (AP) — German factory orders rebounded more than expected in January, driven by demand from outside the 18 countries using the euro.
The Federal Statistical Office said Thursday that orders were up 1.2 percent over December, when adjusted for price, calendar and seasonal factors. Analysts had predicted a 0.9 percent gain.
The office also says it revised the previous month’s decline of 0.5 percent to a decline of only 0.2 percent.
Domestic orders increased 1.6 percent, while foreign orders overall rose 1 percent. Non-eurozone orders rose 7.2 percent, but orders from within the bloc dropped 8.8 percent.
ING economist Carsten Brzeski says the numbers send two important messages – that the near-term looks positive with industrial production gaining momentum, but that in the long term Germany needs greater domestic demand.