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Germany May factory orders -3.7% vs +0.9% m/m expected

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Latest data released by Destatis – 6 July 2021

  • Prior -0.2%
  • Factory orders WDA +54.3% vs +59.4% y/y expected
  • Prior +78.9% 

That is back-to-back months of relatively weak industrial orders though there are some positives when looking the details. Domestic orders grew by 0.9% on the month while the drag largely came from a drop in foreign orders, declining by 6.7% in May.

Compared with February 2020, new orders in May were seen 6.2% higher so that is at least a good thing if you want to measure back to pre-pandemic levels. That said, real manufacturing turnover is just over 5% lower compared to what it was back then.

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