Financial News: German Factory Orders Rebound In September

German Factory Orders Rebound In September

11/06/2024 - 02:12:00 (RTTNews)

(RTTNews) - Germany's factory orders rebounded in September on strong growth in aircraft and other transport equipment orders, 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.

Destatis said the growth in new orders in manufacturing was mainly attributable to the substantial growth in the "manufacture of other transport equipment" sector. The increase in new orders in the automotive industry also had a positive effect.

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.

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