German factory orders recover in December 2022

ANKARA

Factory orders in Germany increased 3.2% month-on-month in December 2022, more than the market forecast, according to official data released on Monday.

The market estimate was a 2% monthly hike for December, following a downwardly revised 4.4% decline in November.

The growth was mainly due to large-scale orders, especially in the manufacture of electricity distribution and control apparatus, engines, and turbines, except aircraft, vehicle and cycle engines, and air and spacecraft and related machinery, German statistical office Destatis said.

Domestic orders grew 5.7% month-on-month in December, while total foreign orders increased 1.2% in the same period.

New orders from the eurozone surged 9.8%, while orders from the rest of the world declined 3.8%, Destatis data showed.

New orders for capital goods remained unchanged, while those for intermediate ones jumped 9.7% due to a spike in orders for electricity distribution and control apparatus.

At the same time, new orders for the consumer goods sector slipped by 3.3%.

On an annual basis, factory orders decreased by 10.1% in December 2022.