Germany’s factory orders grew unexpectedly in July driven by foreign demand, data from Destatis revealed on Monday.
Factory orders grew 3.4 percent on a monthly basis, confounding expectations for a decline of 1 percent. However, the pace of growth was weaker than June’s 4.6 percent.
New orders reached the highest level since the beginning of the time series in 1991. The marked month-on-month increase was caused by major orders, Destatis said.
Excluding major orders, there was a decline of 0.2 percent in July.
Domestic orders dropped 2.5 percent, while foreign orders went up 8.0 percent in July.
On a yearly basis, factory orders grew significantly by 24.4 percent in July, following a 26.5 percent increase in June.
Real turnover in manufacturing grew 1.9 percent in July after expanding 5.7 percent in June.