German factory orders grow 1.6% in October

”German

There is further evidence of a strong recovery in Germany today after the Economy Ministry revealed industrial orders grew by 1.6% in October compared with September.

Domestic orders increased 2.4% in the month, fuelled by a 3.9% surge in demand for investment goods.

Meanwhile, export orders grew 0.8% and this was due to high demand from outside the euro area.

Orders from within the 16-nation bloc fell 0.9%.

Europe’s largest economy is on track for record growth this year and today’s data reinforces this.

In addition, Germany has a strong jobs market and figures last week revealed the unemployment rate remained at 7% in November.

However, the jobless total fell by 14,000 to 2.931 million, down from 2.945 million the previous month.

The number of unemployed continues to remain below the crucial three million mark – boosted by a combination of Government measures and reforms.

Germany is driving the recovery of the euro zone after figures last month revealed economic growth in the July to September period was 0.7%.

On an annual basis, the German economy grew by a staggering 3.9%.

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