German manufacturing orders beat expectations

ISTANBUL-Anadolu Agency

New manufacturing orders in Germany rose more than expected in May, driven largely by strong demand in the transport equipment sector, official data showed on July 6.

New orders in manufacturing increased 1.9 percent month-on-month in May after seasonal and calendar adjustment, according to provisional figures from the Federal Statistical Office, Destatis.

The reading beat market expectations of a 1.1 percent monthly rise.

On an annual basis, manufacturing orders rose 6.2 percent in May.

Destatis said the monthly increase in May was mainly attributable to an 85 percent surge in orders in the manufacture of other transport equipment, including aircraft, ships, trains and military vehicles, due to several large-scale orders.

Orders also rose in the manufacture of machinery and equipment, up 3.7 percent, and electrical equipment, up 5.7 percent.

The automotive industry, however, recorded a 3.8 percent decline, while orders for computer, electronic and optical products fell 7.8 percent.

Foreign orders climbed 2.2 percent supported by an 11.2 percent jump in orders from the euro area. Orders from outside the euro area declined 3.2 percent. Domestic orders rose 1.3 percent in May.