Germany’s mild goods rebound

  • Economy
  • Tuesday, 07 Jul 2020

BERLIN: Orders for German industrial goods rose by 10.4% in May, rebounding from their biggest drop since records began in 1991 the previous month, data showed yesterday, as demand picked up after lockdown measures to fight the coronavirus were lifted.

The increase was weaker than a Reuters forecast for a rise of 15% and the Economy Ministry said a return to pre-crisis levels will be slow even though the economy is recovering.

The Statistics Office data showed that domestic orders rose by 12.3%, while orders from abroad were up 8.8%.

The double-digit increase in the headline figure was mainly driven by a 20.3% rise in capital goods, including a 44.4% surge in the automotive sector. The data showed that the manufacturing recession has overcome its low. — Reuters

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