Germany's Factory Orders Rise More Than Expected

Germany's factory orders grew more than expected in January driven by higher demand in aircraft and mechanical engineering, data from Destatis revealed Friday.

Factory orders expanded 5.5 percent on a monthly basis, reversing a 2.1 percent decrease in December. Orders were forecast to grow moderately by 1.2 percent.

Domestic orders dropped 1.3 percent, while foreign orders advanced 10.5 percent. Orders from the euro area surged 15.1 percent and that from other countries grew 7.8 percent.

Year-on-year, industrial orders dropped 1.4 percent but slower than the expected decline of 5.4 percent and December's 8.9 percent fall.

Data showed that manufacturing turnover increased 2 percent on month in January, in contrast to a revised 0.7 percent drop in December.

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