Factory Orders Continue to Increase in Germany

Factory Orders Continue to Increase in Germany Factory orders continue to increase in Germany. While the orders in question increased by 0.5 percent on a monthly basis due to the increase in domestic orders in September, it was noteworthy that the increase in this data lost momentum and continued in the 5th month. The German Federal Statistics Office (Destatis) announced September provisional data for factory orders. Accordingly, orders for domestically produced products in the country increased by 0.5 percent in September compared to the previous month. Factory orders fell 1.9 percent compared to the same month of 2019. Factory orders were expected to increase 1.5 percent on a monthly basis. In addition, the 0.5 percent increase in factory orders in September continued for 5 consecutive months. The orders in question were rearranged in August, showing an increase of 4.9 percent. Domestic orders in Germany increased by 2.3 percent on a monthly basis in September, while foreign orders decreased by 0.8 percent. During the period in September, new orders from the Eurozone fell by 6 percent, while orders from other countries rose by 2.7 percent. In September, orders of intermediate goods producers increased by 4 percent and orders of consumer goods producers increased by 4.2 percent, while capital goods orders decreased by 2 percent. The German economy expanded by 8.2 percent in the third quarter of 2020 compared to the previous quarter, driven by the increase in household consumption, investments and exports.