German Factory Orders Recover In May

(RTTNews) - Germany's factory orders rebounded at a stronger-than-expected pace in May, data from Destatis showed Monday.

Factory orders expanded 1.9 percent on a monthly basis in May, in contrast to the revised 3.2 percent decrease in April. Orders were forecast to grow 1.1 percent.

Excluding large scale orders, new orders increased 1.0 percent from the previous month.

Foreign orders rose 2.2 percent in May, with orders from the euro area increasing 11.2 percent, while that from outside the euro area declining 3.2 percent. Domestic orders advanced 1.3 percent.

On a yearly basis, growth in factory orders accelerated to 6.2 percent from 2.1 percent in the previous month, data showed.