Germany’s new orders increased 2.9% in October, more than expected 1.4%, according to Destat press release. Excluding major orders, real new orders in manufacturing were 1.7% higher than the previous month. Overall, real turnover in manufacturing stood at 4.0% in October, below 4.6% recorded during the pre-pandemic period in February.
- New orders were 0.8% higher than February 2020, the month before coronavirus restrictions were imposed in Germany.
- Domestic orders rose 2.4% while foreign orders increased by 3.2%
- New orders from the euro area increased by 0.5% while orders from other countries went up by 4.8%
- The automobile industry, the largest in Germany manufacturing, saw new orders rise 1% from September and were 6.0% above the pre-crisis levels.
- Automobile industry turnover rose 9.5% in October from the previous month and was 1.7% higher than February 2020
- Manufacturers of intermediate goods saw new orders rise by 2.3%, capital goods increased by 3.8%, but consumer goods fell by 2.2%
German stocks are gaining. DAX is up 0.040%