German Factory Orders Fall Unexpectedly In May

Germany factory orders declined unexpectedly in May, data from Destatis revealed on Tuesday.

Manufacturing orders dropped 3.7 percent month-on-month in May, reversing a 1.2 percent rise in April. Orders were forecast to grow 1 percent. Domestic orders grew 0.9 percent, while foreign demand went down 6.7 percent in May. New orders from the euro area decreased 2.3 percent, and new orders from other countries fell 9.3 percent.

On a yearly basis, factory orders surged 54.3 percent after expanding 80.2 percent in the previous month.

Data showed that real turnover in manufacturing dropped 0.5 percent in May from the previous month, when it dropped 2.5 percent.

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