March 5, 2018 / 9:08 AM / 10 months ago

Strong euro zone demand propels German engineering orders higher

FILE PHOTO: An employee of German car manufacturer Mercedes Benz works on the interior of a Mercedes S-Class (S-Klasse) at a production line at the Mercedes Benz factory in Sindelfingen, Germany, January 24, 2018. REUTERS/Ralph Orlowski

BERLIN (Reuters) - German engineering orders jumped 14 percent in January from a year ago, driven by strong demand at home and from euro zone partners, the VDMA industry group said on Monday, a further sign that Europe’s biggest economy is on track for solid growth.

Contracts for ‘Made in Germany’ goods from both domestic and foreign customers jumped by 14 percent in real terms, VDMA said. While orders from countries outside the euro zone climbed 10 percent, those from countries in the single currency area jumped by 24 percent.

In the less volatile November-January comparison, orders growth was only slightly weaker, rising 12 percent on the year, VDMA said, with domestic demand up 15 percent and foreign 10 percent higher.

“The recovery process for domestic investments is clearly continuing,” said VDMA chief economist Ralph Wiechers.

Reporting by Madeline Chambers; Editing by Michael Nienaber

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