Factory orders in Germany fall for the fifth month in a row

According to the provisional data on factory orders for May announced by the German Federal Statistical Office (Destatis), orders for products manufactured in the country fell 1.6 percent in May compared to the previous month, and factory orders fell 8.6 percent compared to May 2023.

Market expectations for factory orders were for an increase of 0.5 percent on a monthly basis.

In Germany, domestic orders increased by 0.5 percent on a monthly basis in May, while foreign orders fell by 2.8 percent.

In the month in question, new orders from the Eurozone decreased by 0.1 percent compared to April and orders from countries outside the Eurozone to Germany decreased by 4.6 percent.

While orders for intermediate goods increased by 1.4 percent in May, orders of capital goods producers decreased by 4.3 percent on a monthly basis. Orders of consumer goods producers increased by 4.9 percent.

Meanwhile, the rate of change in April factory orders, which was announced as a 0.2 percent decline in provisional data, was revised as a 0.6 percent decline. Factory orders, which fell 11.3 percent in January, thus carried the decline to the 5th consecutive month.