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2023.07.0606:24:00UTC+00German Factory Orders Rebound In May

Germany's factory orders rebounded in May driven by the manufacture of motor vehicles, data published by Destatis revealed on Thursday.

Factory orders advanced 6.4 percent on a monthly basis in May, following a 0.2 percent rise in April. Orders were expected to grow 1.5 percent after April's initially estimated 0.4 percent drop. Domestic orders grew 6.2 percent and foreign orders gained 6.4 percent. Within foreign demand, orders from the euro area moved up 6.5 percent and that from the rest of the world climbed 6.2 percent.

Destatis said the manufacture of motor vehicles, trailers and semi-trailers, which were up 8.6 percent and the manufacture of other transport equipment, up 137.1 percent had a particularly positive impact on the overall performance.

On a yearly basis, factory orders declined at a slower pace of 4.3 percent after a 9.3 percent decrease.

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