(News Bulletin 247) – Contrary to all expectations, orders to German industry increased in January, according to statistics published on Tuesday, which confirms the good resistance of Europe’s leading economy to the current slowdown in activity.
After having signed an increase of 3.4% in December (revised against +3.2% previously), industrial orders rose by 1% in data adjusted for seasonal variations, according to data from Destatis, the federal office statistics.
On the contrary, the consensus predicted a fall of around 0.9%.
The statistic shows that domestic orders fell 5.3% during the month while those from abroad climbed 5.5%, mainly thanks to large aircraft orders from outside the euro zone.
In a note of reaction, the economists of Commerzbank believe, however, that these better than expected figures are misleading and that we should not expect a real recovery in the sector.
“There is no recovery in activity in sight, which means that industrial production is likely to weaken over the coming months,” warns the German bank.
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