German factory orders see 3rd straight gain in October

BERLIN – Factory orders in Germany, Europe’s biggest economy, were up 0.5 per cent in October compared with the previous month — the third consecutive monthly gain.

The Economy Ministry said Wednesday that the increase was fueled by slightly higher domestic demand and a larger increase in orders from outside the 19-nation eurozone. Orders from other eurozone countries were down 1.2 per cent.

The October gain followed increases of 4.1 per cent in August and 1.2 per cent in September, and came despite a below-average number of bulk orders.

Economists have recently increased their growth forecasts for the German economy, with surveys showing business confidence at a record high and promising economic data. Its third-quarter growth rate of 0.8 per cent, compared with the previous three-month period, exceeded expectations.