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Industrial orders jump on foreign demand
Published: 6 Dec 12 14:31 CET | Print version
Online: http://www.thelocal.de/money/20121206-46615.html
A surge in demand for German-made goods outside the euro area enabled industrial orders in Germany to notch up their highest growth in nearly two years, new data showed on Thursday.
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The increase -- the biggest since January 2011 -- was primarily due to a 6.7-percent rise in export orders, with orders from outside the eurozone soaring 8.5 percent, the ministry explained. Domestic orders in contrast edged up by 0.4 percent.
The rise in demand was seen across all sectors, with orders for semi-finished goods up 3.4 percent, orders for consumer goods rising 2.1 percent and capital goods orders advancing by 3.4 percent, the data showed. Taking September and October together, industrial orders slipped by 0.9 percent, the ministry calculated.
ING Belgium economist Carsten Brzeski said the stronger-than-expected data showed that "at least in Germany, green shoots seem to sprouting during the winter. If this trend continues, the current growth worries for the eurozone's biggest economy could turn out to just be a tempest in a teacup."
Natixis economist Constantin Wirschke similarly found the numbers "quite impressive," especially because the ministry noted that they had not been swelled by a disproportionate amount of big-ticket orders. But Wirschke said he remained cautious.
"Despite the jump in orders, we are still not overly optimistic for the fourth quarter as the economic headwinds of the euro crisis persist," he said.
Annalisa Piazza of Newedge Strategy agreed. "We don't expect manufacturing activity to show signs of sustainable improvement any time soon. Certainly today's data represent a good start for manufacturing production in the fourth quarter, but we are still sceptical on the sustainability of the recovery and we still see risks of negative fourth-quarter GDP (gross domestic product)," she said.
AFP/mry
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Your comments about this article:
And honeybee is contraddicting himself.. Germany is bla bla bla, and then he states "recently they heavily invested new plants abroad including India and hungary subbranch to sustain their own high speed development."
My friend, did i read it right, u sdaid they invested in Hungary and India... that what u miss, they are NOT ionvesting in Europe my friend. This is the problem of Europe and Germany, and this is why in the next 3-5 years company in Europpe will cut jobs, to invest in Asia..
and then see Buba prediction, which I tend to agree
Hey @smartguy, does your wife not let you talk at home? Is that why you sneak to the library and post your senseless ramblings?
Btw, u do not reply to our comments, maybe cause u cannot defend anymore your theory of Deutschland über alles? ;)