German plants tap eurozone demand
Source: Bloomberg News |
February 7, 2013, Thursday
|
Print Edition
Print Edition
GERMAN factory orders rose in December as euro-area demand jumped, adding to signs that the region may be starting to recover from its recession.
Orders, adjusted for seasonal swings and inflation, gained 0.8 percent from November when they fell 1.8 percent, the Economy Ministry in Berlin said yesterday. Economists forecast a 0.7 percent gain, according to the median of 37 estimates in a Bloomberg News survey. In the year, workday-adjusted orders fell 1.8 percent.
Improving confidence in the eurozone suggests the 17-nation economy is embarking on a gradual recovery after the sovereign debt crisis pushed it into recession last year. That would bolster growth in Germany and help it rebound from a contraction in the final quarter of 2012.
"The German economy is going to bounce back," said Aline Schuiling, an economist at ABN Amro in Amsterdam, who predicts first-quarter growth of 0.3 percent. "Demand from the US and Asia should remain dynamic, and the euro-area should recover later this year."
Factory orders from the eurozone rose 7 percent in December, driving a 2.4 percent gain in export demand, the report said. Domestic sales fell 1.2 percent.
Orders for intermediate goods shed 3.6 percent, while investment goods orders rose 3.6 percent. Consumer goods orders added 1.7 percent.
Orders, adjusted for seasonal swings and inflation, gained 0.8 percent from November when they fell 1.8 percent, the Economy Ministry in Berlin said yesterday. Economists forecast a 0.7 percent gain, according to the median of 37 estimates in a Bloomberg News survey. In the year, workday-adjusted orders fell 1.8 percent.
Improving confidence in the eurozone suggests the 17-nation economy is embarking on a gradual recovery after the sovereign debt crisis pushed it into recession last year. That would bolster growth in Germany and help it rebound from a contraction in the final quarter of 2012.
"The German economy is going to bounce back," said Aline Schuiling, an economist at ABN Amro in Amsterdam, who predicts first-quarter growth of 0.3 percent. "Demand from the US and Asia should remain dynamic, and the euro-area should recover later this year."
Factory orders from the eurozone rose 7 percent in December, driving a 2.4 percent gain in export demand, the report said. Domestic sales fell 1.2 percent.
Orders for intermediate goods shed 3.6 percent, while investment goods orders rose 3.6 percent. Consumer goods orders added 1.7 percent.
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