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Germany

Economists encouraged by German industrial orders jump

Industrial orders in Germany have picked up markedly, the German statistics office has reported. It said a surge in July was mainly due to rising demand in countries outside the 18-member eurozone.

Providing a key measure of demand for goods both at home and abroad, German industrial orders surged by 4.6 percent in July, the National Statistics Office (Destatis) reported Thursday.

That was a major and unexpected improvement on the previous month when orders declined by 2.7 percent.

Destatis pointed out that the July jump was predominantly a result of rapidly rising demand from countries outside the debt-stricken eurozone.

Eurozone needs to do its homework

Orders from non-euro-area countries increased by 6.9 percent in July month on month, while demand from fellow eurozone nations only rose by 1.7 percent.

Sanctions starting to bite in Europe

"The marginal increase in orders from the eurozone shows that the real risks for Germany are related to weak economic developments in the euro area rather than to current geopolitical tensions," ING Chief Economist Carsten Brzeski told Reuters.

Berenberg Bank analyst Christian Schulz added that the rise in factory orders was goods news with the potential to cheer up domestic entrepreneurs and improve the outlook for the rest of the year.

"At least, Russia's counter-sanctions haven't had a big impact so far," Schulz concluded.

hg/bew (AFP, Reuters, dpa)

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