Factory Orders Increase in Germany
The German Federal Statistical Office (Destatis) has published preliminary data on factory orders for June 2023. According to the data, orders for various products manufactured in Germany increased by 3.9 percent in June compared to the previous month. However, these orders fell by 11.8 percent compared to June a year ago.
Market expectations for factory orders were for a 0.4% increase on a monthly basis. The fact that the announced data showed an increase above market estimates was considered a remarkable situation.
This increase, especially after a continuous decline period of 5 months before June, was interpreted as a positive development by sector analysts. It was determined that the biggest reason for the increase in the factory’s orders in June was the automotive sector. Orders in this sector increased by 9.3% compared to the previous month.
According to these figures, Germany’s industrial sector appears to be entering a period of recovery, led by the automotive industry. Experts believe that this situation will have a positive impact on the overall health of the economy.
