Financial News: German Factory Orders Recover

German Factory Orders Recover

(RTTNews) - Germany's factory orders recovered in February, albeit at a slower than expected pace, ahead of the war in Iran, data from Destatis revealed Wednesday.

Driven by the substantial growth in the auto industry, factory orders grew 0.9 percent on a monthly basis in February, in contrast to the 11.1 percent decline in January. Orders were forecast to expand 3.0 percent.

When large-scale orders are excluded, new orders expanded 3.5 percent from the previous month.

Data showed that positive development in new orders in manufacturing was primarily driven by the substantial growth in the automobile industry, as orders gained 3.8 percent. Meanwhile, the manufacture of other transport equipment reported a sharp fall of 25.9 percent.

New orders for capital goods moved up 0.2 percent and that for intermediate goods climbed 1.4 percent. At the same time, orders for consumer goods increased 4.5 percent.

Foreign orders advanced 4.7 percent, with orders from the euro area climbing 6.7 percent. Demand from outside the euro area grew 3.5 percent. On the other hand, domestic orders fell 4.4 percent.

Overall factory orders logged an annual growth of 3.5 percent in February after rising 0.3 percent in January.

Real turnover in manufacturing decreased 0.5 percent, reversing an increase of 0.7 percent in January. On a yearly basis, manufacturing was 0.4 percent higher.

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