German industry registers more orders
Bright Spot for Struggling German Industry: In June, the sector received more orders for the first time this year. The order intake increased by 3.9 percent compared to the previous month, the Federal Statistical Office reported. Previously, the order intake in industrial enterprises had fallen for five consecutive months.
Analysts had expected a recovery in order intake, but they had forecast a much smaller increase of 0.5 percent on average. Compared to the same month last year, significantly fewer new orders were recorded. In this comparison, the office reported a decrease of 11.8 percent. Without large orders, overall orders would have increased by 3.3 percent compared to the previous month, it was further reported.
The increase in June was driven by a significantly stronger domestic demand. According to the Federal Ministry of Economics, orders here increased strongly by 9.1 percent. Foreign demand also developed better but could only increase slightly by 0.4 percent.
Orders in the key industries of mechanical engineering, automotive and automotive parts, metal products, and other vehicle manufacturing increased significantly in some cases, as indicated in the ministry's statement. However, order intake decreased, for example, in the areas of metal production and processing and in the pharmaceutical industry.
The German industry, which had been struggling, saw improved domestically, with orders in the sector increasing by 9.1% in June, primarily due to stronger domestic demand. Despite this, the overall orders in the pharmaceutical industry noticed a decrease.
The sector, specifically in mechanical engineering, automotive, and automotive parts, as well as metal products, experienced significant order growth in certain areas, representing a positive trend for the German industry labeled as 'German'.
