CAPTION: Employees work on manufacturing a car at a Volkswagen plant. (picture alliance/Michael Sheehan/dpa/archive)
Thanks to high demand from Eurozone countries and a recovery in the automotive sector, German industrial orders rose for the third straight month in October.
Orders were up by 0.3 per cent compared with September levels, the Office of Federal statistics said Thursday, contrary to analysts' projections of a 0.4-per-cent drop.
However, the September increase, initially reported at 0.3 per cent, was corrected downward to 0.1 per cent. August had seen strong growth in orders.
German industry is now profiting from a recovery in the automotive sector, Commerzbank analyst Ralph Solveen noted.
October saw a delayed boost to orders following a slower September due to the introduction of the new WLTP (Worldwide Harmonized Light Vehicles Test Procedure) emission measurement standard, and "the resulting downturn in orders and production in the car sector," Solveen said.
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