BERLIN (AP) — German industrial orders rose by a much stronger than expected 2 percent in June, led by an above-average number of big-ticket items and by demand from outside the eurozone.
The Federal Statistical Office said Thursday that orders — a leading indicator for Europe's biggest economy — bounced back from a 0.3 percent month-on-month drop in May. Economists had forecast a modest 0.3 percent rise.
The figure appeared to indicate that the economy is shrugging off concerns about turbulence in Greece and a Chinese slowdown, though the Economy Ministry pointed to an above-average number of bulk orders. UniCredit's chief German economist, Andreas Rees, said he believes the figure was boosted by Airbus aircraft orders.
While orders from inside Germany were down 2 percent compared with May, demand from other countries in the eurozone was 2.3 percent higher and orders from outside the currency area rose 6.3 percent.
Second-quarter gross domestic product figures for Germany are due on Aug. 14. Rees said he is sticking to an estimate that quarter-on-quarter growth accelerated to 0.5 percent after the economy grew by 0.3 percent in the January-March period.