Germany February industrial orders rise 2.4% from January - ministry

06 April 2011 15:26  [Source: ICIS news]

TORONTO (ICIS)--Germany’s industrial orders rose by a higher-than-expected 2.4% in February from January amid continued favourable prospects for industry in Europe’s largest economy, the country’s economics ministry said on Wednesday.

The ministry said “strong impulses” from domestic demand helped drive February’s orders.

Germany's domestic orders rose 2.6% and export orders rose 2.3%.

Analysts polled by a media group had expected an average 0.6% sequential increase for February.

February's increase comes after a revised 3.1% increase in industrial orders in January from December.

On a two-month sequential comparison – January/February compared with November December – industrial orders were also up by 2.4%.

Compared with January/February 2010, industrial orders were up 18.3% year on year.

In Germany’s chemicals industry, production this year is forecast to grow 2.5% year on year. In 2010, production increased 11.0% year on year after declining 10.0% in 2009 from 2008.

Germany’s GDP is expected to grow by 2.3% in 2011. The increase would come after 3.6% year-on-year growth in 2010 and a 4.7% decline in 2009 from 2008.

In related news on Wednesday, a trade group reported that EU chemicals production in January rose 7.0% year on year. However, EU chemical production is still about 1.4% below the peak output achieved in 2007.

For more on Germany-based producers like BASF and Bayer, visit ICIS company intelligence
Read Paul Hodges’ Chemicals and the Economy blog

By: Stefan Baumgarten
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