German Mar Factory Orders Beat Expectations

GERMANY MAR IND ORD +3.0% M/M, +27.8% Y/Y; FEB +1.4% M/M

• German factory orders increased by 3.0% in Mar, showing a 5-month high and coming in at double the pace than markets expected (BBG: 1.5%)
• Feb's reading was revised up to 1.4% from 1.2% reported previously.
• Annual orders surged to 27.8% in Mar, reflecting the sharp decline seen in Mar 2020.
• Compared to Feb 2020, the last month before the start of the pandemic, orders were 9.1% higher.
• Mar's uptick was mainly led by domestic orders which rose by 4.9% in Mar.
• Meanwhile, foreign orders grew by 1.6%, with orders from the EZ rising by 0.7%, while orders from other foreign countries ticked up 2.2%.
• Orders for intermediate goods edged up 2.8% and capital goods order rose by 2.5%, while consumer goods orders jumped to 8.5% in Mar.

Source: Destatis