German industrial orders rose 2.4% in February, according to provisional data released by the economy ministry today, with domestic demand underscoring a positive trend in the biggest European economy.
A ministry statement revised the level of January order growth up to 3.1% from 2.9%, a further demonstration of strength that has benefitted from global economic activity. The latest increase was well above a forecast monthly rise of 0.5% compiled by analysts.
'The marked trend higher continues,' the ministry statement commented, adding that 'the strongest momentum at the moment is from the domestic market.'
Orders from within Germany climbed by 2.6% in February, while foreign orders were 2.3% higher, an encouraging sign that domestic demand has begun to contribute to overall growth. Germany has traditionally relied on exports to power its industrial machine.
