Germany's factory orders up 1.5% in October, exceeding expectations

ISTANBUL

New orders in the German manufacturing industry posted a gain of 1.5% on a monthly basis in October, the federal statistical authority Destatis said on Friday.

It followed an upwardly revised 2% rise in September, also surpassing market expectations of a 0.3% in October.

The increase stemmed from a month-on-month increase seen in the manufacture of other transport equipment (aircraft, ships, trains, military vehicles), with a 87.1% surge due to a large-scale order.

The growth in new orders for the manufacture of basic metals (+11.9%) also positively impacted the overall result.

By contrast, a decline in new orders for the manufacture of electrical equipment, 16.2%, dragged down overall performance.

Real turnover in manufacturing in October was up 0.3% in the previous month.

Meanwhile, year-on-year, factory orders decreased 0.7% in October.

On a yearly basis, the turnover in manufacturing was also 1.6% lower.