In Germany, Europe’s largest economy, factory production increased more than expected.
Factory orders rose 2.8 percent in December, according to German Federal Statistical Office Destatis data. The median expectation of economists was 0.3 percent.
The increase in domestic demand was effective in the increase in orders. The previous month’s data was revised to 3.6 percent.
The German economy contracted by 0.7 percent last year due to Omicron cases and supply chain problems.
According to surveys of companies, it is expected that the problems in the supply chain will decrease. Inflation, which did not slow down as expected in January, may continue to be challenging. The fact that the manufacturing companies begin to pass the high costs to the consumers may cause an increase in inflation for a long time.