German industrial orders jump on export demand

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Frankfurt am

Main New business for German industrial firms climbed in January on strong foreign demand, official data showed Friday, but domestic orders took a hit from fresh coronavirus restrictions.

Orders rose 1.4 percent month-on-month, federal statistics office Destatis said in seasonally adjusted figures, rebounding from a 2.2 percent slump in December.

Compared with January 2020, new orders were up 2.5 percent, Destatis said.

Industrial orders are closely watched as a key indicator of future economic activity, especially in manufacturing powerhouse Germany.

The month-on-month January increase was driven by a 4.2 percent jump in new orders from abroad, particularly outside the eurozone, Destatis said.— AFP