Germany’s factory orders growth accelerated in February driven solely by higher demand from the domestic market, data from Destatis showed on Thursday.

Factory orders grew 1.2 percent month-on-month in February, as expected, and faster than the 0.8 percent increase in January.

Excluding major orders, new orders in manufacturing were 1.5 percent higher than in the previous month.

Manufacturers of intermediate goods reported an increase of 0.5 percent and that of capital goods registered 2.1 percent rise. Meanwhile, demand for consumer goods fell 1.9 percent.

Domestic orders climbed 4.0 percent, while foreign orders decreased 0.5 percent on month in February. Within foreign demand, orders from the euro area went up 2.7 percent. On the other hand, new orders from other countries declined 2.3 percent.

On a yearly basis, growth in industrial orders improved notably to 5.6 percent from 1.4 percent a month ago.

Data showed that real turnover in manufacturing declined 1.9 percent in February from the previous month. On a yearly basis, the decrease in turnover came in at -5.6 percent.

Destatis is slated to issue Germany’s industrial production data on April 9. Production is expected to rise 1.5 percent on month in February, reversing a 2.5 percent fall in January.

The material has been provided by InstaForex Company – www.instaforex.com

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