BERLIN – German factory orders rose in February in the latest sign that Europe’s largest economy is picking up speed.
The Federal Statistical Office said Friday new orders rose 0.6 per cent over January, when adjusted for calendar and seasonal factors. Domestic orders rose 1.2 per cent while foreign orders increased 0.2 per cent.
New orders from other nations using the euro currency rose a robust 5.9 per cent, offsetting a decline of 3.1 per cent of orders from non-eurozone countries.
January’s increase of 1.2 per cent was revised significantly downward to 0.1 per cent, but ING economist Carsten Brzeski says overall, “the trend remains good.”
He says “an excellent growth performance of the German economy in the first quarter is clearly in the making.”
Experts predict about 2 per cent GDP growth this year after 0.4 per cent last year.