German Factory Orders Grow More Than Forecast

(RTTNews) - Germany's factory orders grew more than expected in June, data from Destatis revealed Thursday.

Factory orders increased 3.1 percent on a monthly basis in June, faster than the revised 0.3 percent rise in May and economists' forecast of 0.5 percent. Excluding large scale orders, new orders dropped 0.5 percent from the previous month.

Foreign orders rose only 0.2 percent in June as there was a sharp 14.0 percent decline in orders from the euro area. Orders from outside the euro area moved up 10.2 percent. At the same time, domestic orders posted a monthly growth of 7.8 percent.

On a yearly basis, growth in new orders accelerated to 6.5 percent from 4.5 percent in May.

Further, data showed that manufacturing turnover was down 1.3 percent in June, reversing an increase of 0.2 percent in May. Compared to last year, turnover dropped 0.4 percent.