Financial News: German Factory Orders Rebound

German Factory Orders Rebound

(RTTNews) - Germany's factory orders rebounded in September largely driven by strong expansion in the automotive sector, official data revealed Thursday.

Factory orders increased 4.4 percent on a monthly basis, in contrast to the revised 10.1 percent decline logged in August, said Destatis. However, the pace of growth was weaker than forecast of 4.6 percent.

Excluding large-scale orders, new orders were 5.1 percent higher than in the previous month.

On a yearly basis, growth in industrial orders improved marginally to 3.3 percent from 3.2 percent in the previous month.

New order growth was driven by the substantial increase of 10.5 percent in automotive industry and an 8.3 percent growth in the manufacture of machinery and equipment. Data showed that orders for capital goods grew 5.3 percent and intermediate goods orders climbed 0.5 percent. Orders for consumer goods were up 14.4 percent.

Foreign orders increased 2.8 percent from the last month. Orders from the euro area climbed 4.5 percent and that from outside the euro area moved up 1.6 percent. Domestic orders increased 6.6 percent.

Real turnover in manufacturing rose 0.2 percent month-on-month, following a 0.1 percent gain in August. On a yearly basis, manufacturing turnover was 2.0 percent higher.

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