Beating forecasts, Germany's factory orders leap 6.4% in May

By Tuba Ongun

ANKARA (AA) – Factory orders in Germany jumped 6.4% from a month ago in May, far above the market estimate, according to data released on Thursday

This followed an upwardly revised hike of 0.2% in April and 10.9% decline in March, the Federal Statistical Office (Destatis) data showed.

The market forecast was a 1.2% monthly rise for May.

New orders in trailers and semi-trailers and other transport equipment – ships, railway rolling stock, air and spacecraft, and military vehicles – rose the most among other sectors, surging 8.6% and 137.1%, respectively in May.

By contrast, the manufacture of electrical equipment contracted 15.0% month-on-month.

New domestic orders climbed 6.2% in May, while total foreign orders ticked up 6.4% in the same period.

Producers of capital goods were up 12% from the prior month, but down 1.1% in the intermediate goods sector and fell 0.8% in consumer goods during the same period.

On an annual basis, new factory orders tumbled by a calendar-adjusted 4.3% compared to May 2022.