German factory orders rose sharply in November

According to provisional results of the Federal Statistical Office (Destatis), real (price adjusted) new orders increased by a seasonally and calendar adjusted 2.3% in November 2020 compared with October 2020. Economists had expected a 1.2% decrease. Compared with November 2019, the increase in calendar adjusted new orders amounted to +6.3%. Excluding major orders, real new orders in manufacturing (seasonally and calendar adjusted) were 1.6% 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 November 2020 were 4.0% higher in seasonally and calendar adjusted terms.

Domestic orders increased by 1.6% and foreign orders increased by 2.9% in November 2020 on the previous month. New orders from the euro area went up 6.1%, and new orders from other countries increased by 0.9% compared with October 2020.

In November 2020, the manufacturers of intermediate goods saw new orders increase by 4.9% compared with October 2020. The manufacturers of capital goods saw an increase of 1.1% on the previous month. Regarding consumer goods, new orders rose 0.5%.

For October 2020, revision of the preliminary outcome resulted in an increase of 3.3% compared with September 2020 (provisional: +2.9).