German manufacturing orders monthly rate growth in November
The German Ministry of Economics adjusted its manufacturing orders monthly rate by 2.1% in November, which was better than market expectations. Progress indicates that the pace of economic recovery in Europe's largest economy is showing signs of accelerating.
The data shows that after adjusting for seasonal factors, Germany's manufacturing orders in November increased by 2.1%, expected to increase by 1.5%, and the previous value fell by 2.1%. After the adjustment of working days, Germany's manufacturing orders in November increased by 6.8%, the previous value was revised to increase by 2.0%, and the initial value increased by 1.9%.
The German central bank (Bundesbank) said in December that the German economy played the main engine of the euro zone's economic recovery in the second half of 2013 and will continue to maintain this good momentum. At that time, the Bundesbank raised its forecast for economic growth in 2014. The number of unemployed people in Germany fell at the end of 2013, exceeding the expectations of economists. In addition, retail sales in November rose for the first time in nearly three months.
Helaba economist Stefan Muetze said there are many signs that the German economy's strong expansion in the first half of 2014 will also benefit the economic recovery of the entire euro zone.
The data also showed that Germany's manufacturing orders from domestic orders increased by 1.9% in November; orders from non-Eurozones recorded a 3.5% increase in November; orders from overseas increased by 2.2%. In addition, orders for semi-finished products, infrastructure investment and consumer goods in Germany have risen in November.
The Bundesbank expects Germany's economy to grow by 1.7% in 2014 and by 2% in 2015. The European Central Bank expects the euro zone to grow by 1.1% in 2014 and 1.5% in 2015.
The German Ministry of Economic Affairs also said in the report today that Germany’s seasonally adjusted manufacturing orders rose by 3.7% in November, up from 2.0%.