German industrial orders surge on robust foreign demand By Reuters

German industrial orders surge on robust foreign demand By Reuters


© Reuters. FILE PHOTO: A worker controls a tapping of a blast furnace at Europe’s largest steel factory of Germany’s industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. REUTERS/Ina Fassbender

BERLIN (Reuters) – German industrial orders unexpectedly surged in July, official figures showed on Monday, hitting a post-reunification high and pointing to a solid start to the second half in the engine room of Europe’s largest economy.

The figures published by the Federal Statistics Office showed orders for goods ‘Made in Germany’ rose by 3.4% on the month in seasonally adjusted terms. A Reuters poll of analysts had pointed to a fall of 1.0% on the month.

A breakdown of the data showed that domestic orders fell 2.5% on the month and foreign orders rose by 8.0%.

Orders from the euro area fell by 4.1%, while orders from the rest of the world rose by 15.7%, mainly due to large orders from the shipbuilding sector.

Bastian Hepperle, economist at Bankhaus Lampe, said: “The development in Germany is disappointing: the order books are still well filled and the order backlog is high.”

“Due to a lack of materials and primary products, there are considerable difficulties in processing orders,” he added.

A survey showed last week that German manufacturers struggled to meet strong demand for industrial goods in August as supply shortages for raw materials and components such as semiconductors held back production and pushed up prices.

The German economy rebounded in the second quarter https://reut.rs/3mt1SDq with a growth rate of 1.6% compared to the previous three months as an easing of COVID-19 curbs spurred consumers to dip into record savings piled up during the winter lockdown.

The government expects the economy to grow 3.5% this year and 3.6% next, though supply bottlenecks and rising COVID-19 cases are leading companies to take a dimmer view. German business morale fell for the second month https://reut.rs/3B94nPh running in August.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Leave a Reply