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Financial News: Germany's Factory Orders Rebound In May

Germany's Factory Orders Rebound In May

07/06/2020 - 02:25:00 (RTTNews)

(RTTNews) - Germany's factory orders rebounded on strong domestic and foreign demand in May as containment measures taken to curb the spread of coronavirus were relaxed, data from Destatis revealed Monday.

Factory orders advanced 10.4 percent month-on-month in May, reversing a sharp revised 26.2 percent fall posted in April. Economists had forecast a monthly growth of 15 percent.

Domestic orders increased 12.3 percent and foreign orders rose 8.8 percent in May. Excluding major orders, industrial orders grew 8.9 percent in May.

On a yearly basis, manufacturing orders plunged 29.3 percent, slower than the 36.9 percent decrease posted in April.

Data showed that manufacturing turnover increased 10.6 percent month-on-month, in contrast to a fall of 22.4 percent in April.

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