German factory orders rebounded in August due to increase in export demand for investments goods, Bloomberg reports. This indicates that outlook for the largest economy in Europe is still positive despite of trade risks.

Orders grew by 2% compared with the last month and exceeded forecasts of economists. It shall be noted that this is just the second increase this year that is characterized by growing protectionism on behalf of the US. As a whole, orders slumped by 2,1% on a year basis.

Bundesbank is still optimistic that slowdown in German economy is temporary, and its further growth will be supported by strong internal positions. Meanwhile, manufacturing activity slowed down to the lowest in more than two years.

Export orders grew by 5,8%.

According to experts’ opinion, high level of investment goods orders from outside of euro area (+13,7%) tells about stable global demand, which did not suffer from trade conflicts.