Financial News: German Factory Orders Rise More Than Forecast

German Factory Orders Rise More Than Forecast

(RTTNews) - Germany's factory orders grew more than expected in October on robust domestic demand, official data revealed on Friday.

Factory orders logged a monthly growth of 1.5 percent, Destatis said. Although the pace of growth softened from the revised 2.0 percent rise posted in September, it was much faster than economists' forecast of 0.3 percent.

On a yearly basis, factory orders dropped 0.7 percent, following a 3.4 percent decrease in September.

Excluding volatile large-scale orders, new orders were 0.5 percent higher than in the previous month.

The monthly growth was driven by the 9.9 percent expansion in domestic orders. Foreign orders decreased 4.0 percent due to the 6.5 percent drop in orders from outside the euro area. Demand from the Eurozone was up 0.1 percent.

There was a strong 87.1 percent increase in orders in the "manufacture of other transport equipment" sector. The increase in the manufacture of basic metal came in at 11.9 percent, while the manufacture of electrical equipment plunged 16.2 percent.

Data showed that new orders for capital goods advanced 4.9 percent. On the other hand, orders for intermediate goods declined 3.4 percent and that for consumer goods dropped 2.2 percent.

Data showed that real manufacturing turnover increased 0.3 percent in October, reversing September's 2.4 percent decrease. Year-on-year, manufacturing turnover dropped 1.6 percent.

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