Financial News: German Factory Orders Rebound In December

German Factory Orders Rebound In December

(RTTNews) - Germany's factory orders rebounded at a much stronger than expected pace in December largely driven by the manufacture of transport equipment.

New orders increased 6.9 percent month-on-month in December, reversing a revised 5.2 percent fall in November, Destatis reported Thursday. Orders were forecast to grow only 1.9 percent.

Excluding large-scale orders, new orders were 2.2 percent higher than in the previous month.

Data showed that overall growth was driven by the 55.5 percent surge in the manufacture of other transport equipment. By contrast, orders in the automotive industry dropped 3.2 percent.

New orders for capital goods and consumer goods advanced 10.9 percent and 7.7 percent, respectively. New orders in the intermediate goods grew only 0.2 percent.

Domestic orders registered a double-digit growth of 14.6 percent and foreign orders rose 1.4 percent.

In the whole year of 2024, new orders dropped 3.0 percent from 2023. Destatis said the downward trend seen since 2021 continued in the first half of 2024, while a stabilizing trend was observed in the second half.

Further, manufacturing turnover edged down 0.1 percent month-on-month in December, reversing a 1.4 percent rise in November.

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