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German construction orders at 22-year high

dpa logodpa 25/04/2017

Germany's building orders in February were at their highest level since 1995, data shows.

German construction orders hit a 22-year high in February as the nation's building boom continued to gather steam, according Federal Statistics Office data.

Monthly building company order books jumped by two per cent in February compared with January as record low interest rates, a gain in wages and a solid jobs market helped to power ahead the building sector in Europe's biggest economy.

February building orders were at their highest level since 1995 when the industry was still enjoying a construction boom in the wake of German unification five years earlier.

Munich-based Ifo institute's monthly business confidence index released on Monday showed the mood in the construction sector remaining at a record high in April, adding that "the order level is excellent."

Construction orders were up three per cent in three months to the end of February when compared with the period between September and November last year, the Federal Statistics Office said.

Tuesday's figures, which were based on building companies with a minimum of 20 employees, showed February orders 5.7 per cent higher compared with the same month in 2016.

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