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- Germany's factory orders rose more than expected in October
Germany's factory orders rose more than expected in October
According to provisional results of the Federal Statistical Office (Destatis), real (price adjusted) new orders increased by a seasonally and calendar adjusted 2.9% in October 2020 compared with September 2020. Economists had expected a 1.5% increase.
Compared with October 2019, the increase in calendar adjusted new orders amounted to +1.8%. Excluding major orders, real new orders in manufacturing (seasonally and calendar adjusted) were 1.7% higher than in the previous month.
Compared with February 2020, the month before restrictions were imposed due to the corona pandemic in Germany, new orders in October 2020 were 0.8% higher in seasonally and calendar adjusted terms. In the largest branch of manufacturing, the automotive industry, new orders still increased in October 2020 (+1.0% on the previous month) and were 6.0% above the pre-crisis level of February 2020.
Domestic orders increased by 2.4% and foreign orders increased by 3.2% in October 2020 on the previous month. New orders from the euro area went up 0.5%, and new orders from other countries increased by 4.8% compared with September 2020.
In October 2020, the manufacturers of intermediate goods saw new orders increase by 2.3% compared with September 2020. The manufacturers of capital goods saw an increase of 3.8% on the previous month. Regarding consumer goods, new orders fell 2.2%.
For September 2020, revision of the preliminary outcome resulted in an increase of 1.1% compared with August 2020 (provisional: +0.5%). The reason was late reporting, for instance, on major orders in the manufacture of air and spacecraft.
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