Germany January industrial orders +1.8% vs +1.0% m/m expected

• Prior +2.8%; revised to +3.0%
• Industrial orders +7.3% y/y
• Prior +5.5%; revised to +5.9%

German factory orders continued to increase to start the year, reaffirming more solid and resilient manufacturing conditions. As compared to February 2020 i.e. pre-pandemic, new orders in January were 11.9% in seasonally and calendar adjusted terms.