German Factory Orders Rebound In November

Germany’s factory orders rebounded in November largely driven by foreign demand, data from Destatis showed on Thursday.

New orders grew 3.7 percent month-on-month in November, reversing a strong decline of 5.8 percent in October. The pace of growth also exceeded the economists’ forecast of 2.1 percent.

Excluding major orders, new orders advanced 3.8 percent from the previous month.

The strong growth in new orders was attributable to foreign orders which increased by 8.0 percent. At the same time, domestic orders went up 2.5 percent.

Data showed that manufacturing turnover gained 4.1 percent on month, following a 3.4 percent rise in October. Compared with November 2020, turnover was by 0.3 percent higher.