Financial News: German Factory Orders Log Stronger Than Expected Rebound

German Factory Orders Log Stronger Than Expected Rebound

11/06/2024 - 05:12:00 (RTTNews)

(RTTNews) - Germany's factory orders rebounded at a faster than expected pace in September on robust demand for aircraft, ships, trains and military vehicles, data from Destatis showed on Wednesday.

Factory orders advanced 4.2 percent on a monthly basis in September, in contrast to the revised 5.4 percent decline in August.

Economists had forecast orders to grow moderately by 1.6 percent after September's initially estimated decline of 5.8 percent. Moreover, this was the fastest increase in three months.

When large-scale orders are excluded, new orders gained 2.2 percent from the previous month.

In the third quarter, new orders rose 4.2 percent from the previous quarter, while total orders excluding large-scale orders were down 0.6 percent.

Destatis said the growth in new orders in manufacturing was mainly attributable to the substantial growth in the "manufacture of other transport equipment" sector. This sector posted a significant of 117.1 percent expansion.

The increase of 2.9 percent in orders in the automotive industry also had a positive effect. Meanwhile, the manufacture of basic metals dropped 10.0 percent and that of machinery and equipment slid 3.6 percent.

Domestic orders climbed 3.6 percent and foreign orders grew 4.4 percent, with orders from the euro area rising 14.6 percent. Meanwhile, new orders from the rest of the world declined 1.6 percent.

On a yearly basis, new orders in manufacturing gained 1.0 percent, reversing a 3.4 percent decrease in the prior month.

Real manufacturing turnover was down 1.4 percent on the previous month, following an increase of 3.0 percent in August. Year-on-year, turnover decreased 4.4 percent.

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