Demand for German industrial products accelerated significantly in February, driven by orders from other eurozone member states, data from the statistical office showed on Wednesday.
New orders in the German industry rose by 4.8 percent in February compared to January, when they were revised up by 0.5 percent, reported Destatis.
When excluding large-value orders, they increased by 1.2 percent.
Domestic demand for industrial goods increased by 5.6 percent, while foreign demand rose by 4.2 percent. New orders from other eurozone member states saw the strongest increase, rising by 8.9 percent compared to January, when they decreased by 2.6 percent.
Demand from other countries sharply slowed down, with a growth rate of only 1.4 percent, following a 10 percent jump in January.
Orders in the motor vehicle and motor vehicle engine manufacturing sector increased by 3.7 percent, while orders in mechanical engineering rose by 2.8 percent.
On the other hand, demand for pharmaceutical products decreased, as indicated by a drop in new orders by 5.5 percent.
New orders in many branches of the German industry rose again in February, noted the Ministry of Economy.
– Overall, a recovery of the economy is emerging at the beginning of 2023, following a weak last quarter in 2022 – concluded the ministry.
Compared to February of last year, new orders decreased by 5.7 percent. In January, they plummeted by 12 percent.
