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Financial News: German Factory Order Growth Tops Expectations

German Factory Order Growth Tops Expectations

12/04/2020 - 06:36:00 (RTTNews)

(RTTNews) - Germany's factory orders growth accelerated more than expected in October to exceed the pre-pandemic level, data from Destatis revealed Friday.

Factory orders grew 2.9 percent on month in October, faster than September's 1.1 percent rise. Orders were forecast to climb 1.5 percent.

New orders were 0.8 percent higher than in February, when restrictions were imposed due to the coronavirus pandemic.

Excluding major orders, new orders in manufacturing were 1.7 percent higher than in the previous month.

Domestic and foreign orders increased 2.4 percent and 3.2 percent, respectively in October. New orders from the euro area went up 0.5 percent and that from other countries advanced 4.8 percent.

Manufacturers of intermediate goods reported a 2.3 percent monthly rise in orders and orders for capital goods increased 3.8 percent. Meanwhile, consumer goods orders fell 2.2 percent.

Year-on-year, factory orders advanced 1.8 percent in October, in contrast to a 1.1 percent decrease in September.

Data showed that manufacturing turnover growth improved to 4 percent on a monthly basis from revised 1.7 percent in September.

Elsewhere, a survey from IHS Markit showed that Germany's construction sector continued to contract in November amid uncertainty caused by the pandemic and fewer public sector tender opportunities.

The construction Purchasing Managers' Index rose to 45.6 in November from 45.2 in the previous month. This was the highest since August.

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