German industrial orders rose by an unexpected 3.4% in November following a 4% percent gain in October, with figures released Jan. 8 by the economy ministry showing resilience within the biggest eurozone economy. The economy ministry commented that "industrial orders have moved clearly higher following a measured result in the third quarter."
Analysts polled by Thomson Financial had forecast a drop of 2.1%, and the surprise jump prompted Bank of America economist Holger Schmieding to note "not all is doom and gloom" in the 15-nation eurozone. For Schmieding, "the robust gain in German orders in October and November illustrates that major parts of the eurozone economy are doing quite well."
He pointed out that the increase was largely the result of bulk orders, "probably airplanes and transport equipment," while the economy ministry took the results as a sign that perspectives for the industrial sector "had improved for the months to come."
Foreign orders rose by 2.8% while domestic ones advanced by 4.2%, the ministry said.
Copyright Agence France-Presse, 2008
