German Factory Orders Growth Beats Expectations
(RTTNews) - Germany's factory orders logged a stronger-than-expected growth in June but the expansion was driven by large scale orders, data from Destatis revealed Thursday.
Factory orders increased 3.1 percent on a monthly basis in June, faster than economists' forecast of 0.5 percent. However, the monthly increase for May was revised down sharply to 0.3 percent from 1.9 percent.
Excluding large scale orders, new orders dropped 0.5 percent from the previous month.
Data showed that the manufacture of machinery and equipment registered a 12.7 percent rise in orders. The manufacture of computer, electronic and optical products posted a strong 22.7 percent expansion and auto industry grew 3.8 percent.
New orders for capital goods and consumer goods were up 6.4 percent and 4.2 percent, respectively. On the other hand, new orders for intermediate goods dropped 2.5 percent.
Foreign orders rose only 0.2 percent in June as there was a sharp 14.0 percent decline in orders from the euro area. Orders from outside the euro area moved up 10.2 percent. At the same time, domestic orders posted a monthly growth of 7.8 percent.
On a yearly basis, growth in new orders accelerated to 6.5 percent from 4.5 percent in May.
Further, data showed that manufacturing turnover was down 1.3 percent in June, reversing an increase of 0.2 percent in May. Compared to last year, turnover dropped 0.4 percent.
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