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German factory orders rise again in February

April 4, 2014

BERLIN (AP) — German factory orders rose in February in the latest sign that Europe’s largest economy is picking up speed.

The Federal Statistical Office said Friday new orders rose 0.6 percent over January, when adjusted for calendar and seasonal factors. Domestic orders rose 1.2 percent while foreign orders increased 0.2 percent.

New orders from other nations using the euro currency rose a robust 5.9 percent, offsetting a decline of 3.1 percent of orders from non-eurozone countries.

January’s increase of 1.2 percent was revised significantly downward to 0.1 percent, but ING economist Carsten Brzeski says overall, “the trend remains good.”

He says “an excellent growth performance of the German economy in the first quarter is clearly in the making.”

Experts predict about 2 percent GDP growth this year after 0.4 percent last year.

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