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Financial News: German Industrial Orders' Increase In December

German Industrial Orders' Increase In December

02/06/2024 - 13:58:00 (RTTNews)

(RTTNews) - German industrial orders in December, saw an unexpected increase, indicating a slight recovery amid an industrial downturn in Europe's largest economy. The rise of 8.9% surpassed expectations of a 0.2% decline and was significantly higher than the 2.7% increase in the same period the previous year.

This positive year-over-year growth is noteworthy as the overall trend over the past two years has been consistently downward, with erratic spikes that did not reverse the trend.

The surprise rebound, reported by Destatis, can be attributed to a surge in orders for non-car vehicles like planes and trains, which saw a 110% increase. Additionally, there was significant growth in electrical equipment manufacturing, metal products, and pharmaceuticals.

However, orders for motor vehicles and chemical products declined. Despite the substantial order increase in December, the German manufacturing sector remains tense, as noted by economist Joerg Angele from Bantleon.

The decline in orders in crucial industries such as automotive and mechanical engineering is particularly concerning, leading to poor production prospects in the near future. Germany continues to grapple with an industrial slowdown due to the energy crisis and weak global demand.

In the last quarter of the previous year, Germany's GDP saw a contraction of 0.3%, painting a bleak outlook despite avoiding a recession. The situation remains uncertain, and it will be interesting to see how the German economy performs as it navigates through this challenging period.

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