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Industry in Germany received much more orders than expected in August. According to the statement made by the Federal Statistical Office in Wiesbaden on Friday, orders increased by 3.9 percent compared to the previous month. Analysts expected an average increase of 1.5 percent.
This increase follows a sharp decline in the previous month, which was also due to special effects. According to new data, this decline of 11.3 percent was not as significant as previously thought.
“In recent months, incoming orders have been quite unstable due to the high volume of large orders,” the Federal Ministry of Economics in Berlin said. This development did not continue in August: Even without large-volume orders such as aircraft, orders increased by 3.9 percent. In a three-month comparison with less fluctuations, orders until August increased significantly by 4.9 percent.
Bank economists tended to interpret the development positively. “There have been signs of stabilization in the global manufacturing sector in recent weeks,” commented Thomas Gitzel, chief economist at VP Bank. “This also seems to affect German industry.” However, the positive development in August is not a big surprise, considering the collapse in the previous month.
Commerzbank expert Ralph Solveen was a little more reserved: Companies have now largely processed the backlog of orders they accumulated during the corona pandemic. Therefore, they are likely to reduce their production in the coming months. The Federal Statistical Office will publish production figures for August next Monday.
The order situation in August also improved solidly in detail. Domestic orders increased at almost the same rate as orders from abroad. The growth was particularly large in data processing devices, among other things.
However, relatively few orders were received from the automotive industry. Significantly more intermediate and consumer goods were ordered than in the previous month, while orders for capital goods such as machinery increased only slightly. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
