German factory orders rise for first time this year

6th Aug 2024 07:54

(Sharecast News) - Factory orders in Germany in June rose for this year, smashing forecasts following a decline the previous months, according to data from the Federal Statistical Office on Tuesday.

Orders were up 3.9% over the month, Destatis reported, well ahead of the 0.8% increase expected by economists.

This was the first monthly increase since December 2023.

June's stronger-than-expected result was driven by strong increases in orders for aircraft, ships, trains (11.7%) as well as automotive orders (9.3%). However, orders for computer, electronic and optical products sank 7.9%.

According to Destatis, domestic orders were up 9.1% in June, while foreign orders rose by just 0.4%, as growing orders from non-eurozone countries (+0.9%) offset internal weakness (-0.3%).