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German factory orders rebound

GERMAN DATA
MNI (London)

DEC FACTORY ORDERS +2.8% M/M, +5.5% Y/Y; NOV +2.3r% Y/Y

  • German factory orders beat forecasts, expanding +2.8% M/M in December. This is down from 3.6r% M/M in November, but significantly beating the forecast +0.3% M/M.
  • Domestic orders were a key driver of this growth, increasing +11.7% M/M in December.
  • In the annualised reading, factory order growth jumped to +5.5%, 2.5 points above the consensus forecast and significantly stronger than +2.3% Y/Y in November.
  • In 2021, total German factory orders was 17.8% higher than 2020.
  • Profits remain below pre-pandemic levels.

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