6220
German Industrial Orders Up
World Economy

German Industrial Orders Up

German industrial orders, a key measure of demand for German-made goods both at home and abroad, rose strongly in October, suggesting Germany’s period of economic weakness could be over, data  showed Friday.
Industrial orders rose by 2.5 percent in October compared with the previous month, the economy ministry said in a statement, AFP reported.
In September, German factory orders had already risen by 1.1 percent. “This was a good start to the fourth quarter. Alongside a brightening of sentiment indicators, the signals are looking increasingly positive,” the ministry said.
“Even if the economic risks continue to exist, this suggests that the German economy could be gradually beginning to recover from its period of weakness.”
Domestic orders jumped by 5.3 percent and export orders edged up by 0.6 percent compared with the previous month.
Orders from the eurozone rose by 0.3 percent and orders from outside the eurozone were up by 0.8 percent.
By sector, orders for semi-finished goods climbed by 2.5 percent and orders for capital goods rose by 3.0 percent, while orders for consumer goods slipped by 0.1 percent.

  Growth Cut
The German central bank on Friday downgraded its growth forecasts for the German economy, Europe’s biggest, for 2014, 2015 and 2016.
The Bundesbank said in a statement it is penciling in growth of 1.4 percent for 2014, 1.0 percent for 2015 and 1.6 percent for 2016.
Previously, it had been projecting growth of 1.9 percent, 2.0 percent and 1.8 percent for the three years, respectively.
“The German economy lost considerable momentum in the second and third quarters of 2014 and moved onto a flatter growth path,” the Bundesbank wrote.
“Following a brisk start to the year, which was partly fuelled by favorable weather conditions, real GDP (gross domestic product) did not grow any further in the second and third quarters ... and thus failed to live up to the hopes” of the central bank’s previous projections published in June.

Short URL : http://goo.gl/Db4pfV

You can also read ...

Philippines May Suspend Excise Taxes on Petroleum Products
The Philippine government will suspend the collection of...
Jordan Approves New IMF-Guided Tax Law
Jordan’s cabinet on Monday approved major IMF-guided proposals...
At present, the majority of investments are still being done in oil-gas and traditional industries while there is still almost no SME sector in the country.
While Saudi Arabia’s latest budget figures show progress in...
SBI Reports Record $1.1b Loss
State Bank of India reported a loss of Rs. 7,718 crore ($1.1...
US, China are nearing a deal to remove American sales ban against ZTE.
US President Donald Trump retreated from imposing tariffs on...
Dubai Bank to Buy Turkey’s Denizbank for $3.2 Billion
Dubai’s biggest lender the National Bank of Dubai has agreed...
IHS Markit to  Buy Rival Ipreo  for $1.8 Billion
Data firm IHS Markit Ltd. said it will buy smaller rival Ipreo...
Catalonia Main Risk to Spain Growth
The political situation in Catalonia is one of the main...

Trending

Googleplus