Germany's factory orders down unexpectedly in May

By Gokhan Ergocun

ISTANBUL (AA) - Germany's factory orders posted a fifth consecutive monthly decline in May.

According to federal statistical authority Destatis, the orders went down by 1.6% month-on-month.

"The three-month on three-month comparison showed that new orders were 6.2% lower in the period from March 2024 to May 2024 than in the previous three months, which was attributable in part to a large-scale order in December 2023," it said.

Within manufacturing, strongly opposing trends were posted by the individual economic sectors, particularly in the manufacture of other transport equipment sectors, and new orders fell 19.2% on a monthly basis.

In the capital goods sector, new orders dropped by 4.3% month-on-month. New orders were up in the previous month in both the intermediate goods sector (+1.4%) and the consumer goods sector (+4.9%).

Real turnover in manufacturing was also down by 0.7% month-on-month.

On a yearly basis, factory orders fell by 8.6%, while real turnover was 6% lower.