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Financial News: German Factory Order Growth Tops Expectations

German Factory Order Growth Tops Expectations

10/06/2017 - 08:33:00 (RTTNews)

(RTTNews) - Germany's factory orders rebounded at a faster-than-expected pace in August on robust foreign demand, data from Destatis revealed Friday.

Factory orders grew 3.6 percent month-on-month in August, reversing a revised 0.4 percent fall in July.

Orders have increased at the fastest pace seen so far this year. Economists had forecast orders to climb at a slower pace of 0.7 percent.

Excluding major orders in manufacturing, new orders increased 2.5 percent on month in August.

Domestic market orders advanced 2.7 percent and foreign orders logged 4.3 percent growth.

New orders from the euro area dropped 1 percent, while demand from other countries increased notably by 7.7 percent compared to July.

The German economy ministry said orders increased again from a high level and the positive business climate confirm this picture.

The ministry added that the solid upturn in the manufacturing sector is likely to continue.

Order figure is doubtless encouraging and underlines that industrial activity has recently picked up, Commerzbank analyst Ralph Solveen said.

However, to some extent the increase is probably due to one-off effects, which are likely to push up output figures as well. "We are likely to see a significant setback in September," Solveen said.

On a yearly basis, growth in factory orders accelerated to 7.8 percent from 5.4 percent in July.

Further, data showed that manufacturing turnover increased 3.6 percent in August from July, when it dropped 0.1 percent.

According to the Purchasing Managers' survey, Germany's manufacturing sector expanded the most in over six years in September. Manufacturing orders grew at the fastest pace since June, underpinned by a steep increase in demand from abroad and from Asian markets in particular, IHS Markit said.

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