German factory orders surge at fastest pace in over two years

Berlin (dpa) - German industrial orders bounded ahead at their fastest pace in more than two years in October, the Ministry of Economic Affairs said on Tuesday, signalling a strong end to the year for Europe‘s biggest economy.The nation‘s factory orders surged by a better-than-forecast 4.9 per cent in October compared with September, when they slumped by 0.3 per cent, the ministry said. Analysts had expected only a 0.6-per-cent rise in October.Releasing the data, the ministry said it had revised down the September fall from an originally estimated 0.6-per-cent drop. "The results mean a good start to the final quarter," the ministry said."A slight rise in the trend in demand and improved business confidence point overall to a revival in industrial activity," the ministry said.The October gain came despite the number of bulk orders coming in lower than is normally the case for that month.The monthly gain in October followed a 6.3-per-cent rise in domestic demand and a 3.9-per-cent jump in foreign orders as orders flooded in from nations outside Germany‘s main trading partners in the eurozone.Orders from the currency bloc, however, stagnated in October, the ministry said.