Increase in German industry orders
Despite the weaker global economy, the German industry has witnessed a recent pick-up in orders, especially from non-euro countries.
Frankfurt (dpa) - German industry received more orders in September after the previous month saw weaker demand, the Federal Statistics Office said on Wednesday.
Figures show 1.3 per cent more orders were received than in August. This was significantly more than the increase of 0.1 per cent expected by analysts.
Orders from outside the eurozone rose particularly sharply.
However, in a year-on-year comparison, orders fell by 5.4 per cent in September while order activity was weak throughout the third quarter.
According to the Economics Ministry, orders fell by 1 per cent compared with the previous quarter. However, due to growth towards the end of the quarter, the ministry expects a good starting position for the final quarter.
German industry has long been burdened by a weaker global economy and increasing political risk elsewhere.
Thomas Gitzel, chief economist at Liechtenstein-based VP Bank, said in a note: "With the figures published today, a small glimmer of hope is emerging that things will pick up again in the coming months."
Germany's mechanical engineering industry association, VDMA, also issued data on September orders but they were 4 per cent down in real terms than in the same month last year. However, there was an 11 per cent increase from countries in the eurozone.