German Industrial Orders Growth Accelerated in June

Data from the Federal Statistics Office reported that orders for German industrial goods increased sharply in June as Europe’s largest economy began to set aside the effects of months of public isolation measures aimed at fighting the spread of the Covid-19, but volumes were still well below pre-pandemic levels.

Orders rose at an adjusted rate of 27.9 compared to the previous month, more than twice the 10.4% growth rate posted in May and well above economists’ forecasts. But orders are still 11.3% below February’s, the last month before the crisis.

Domestic orders grew 35.3%, outpacing orders from abroad, which increased by only 22%. The recovery in auto supply orders was particularly strong, with orders up 66.5% although they remain 12.2% below February level.