Economic Buzz: Germany Factory Orders Rise In May

6 Jul 2022 , 04:03 PM

Germanys factory orders unexpectedly expanded in May underpinned by the rise in demand from the non-euro area countries, data from Destatis showed. New orders grew 0.1 percent month-on-month in May, in contrast to the revised 1.8 percent decline in April. On a yearly basis, factory orders declined 3.1 percent, slower than the Aprils 5.3 percent decrease. Foreign orders gained 1.3 percent on month driven by the 3.7 percent rise in demand from the non-euro area countries. Meanwhile, orders from the euro area fell 2.4 percent. At the same time, domestic orders registered a decrease of 1.5 percent on the previous month. Data showed that manufacturing turnover grew at a faster pace of 3.2 percent on month, following a revised 0.6 percent rise in April. On a yearly basis, manufacturing turnover was up 1.0 percent. Powered by Commodity Insights