German industrial orders jump on export demand

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