Economic Buzz: German Factory Orders Rise 0.8% On Month In October

6 Dec 2022 , 03:09 PM

Despite supply chain issues, Germanys manufacturing orders rebounded in October underpinned by robust foreign demand, data from Destatis revealed. Factory orders posted a monthly growth of 0.8 percent in October, in contrast to the revised 2.9 percent decrease in September. Excluding major orders, there was a decrease of 1.2 percent in manufacturing orders. The 1.9 percent decrease in domestic orders was offset by the 2.5 percent increase in foreign orders. New orders from the euro area advanced 2.6 percent and that from other countries climbed 2.5 percent. Further, data showed that capital goods producers registered a monthly growth of 3.2 percent. By contrast, producers of intermediate goods reported a 1.4 percent fall. Regarding consumer goods, orders declined sharply by 6.3 percent. Year-on-year, the decline in factory orders slowed to 3.2 percent from 9.8 percent. Further, data showed that manufacturing turnover decreased 0.2 percent from September, when it was up 0.4 percent. Compared with October 2021, turnover was 5.5 percent higher. Powered by Commodity Insights