German factory orders rise for third consecutive month in October

German factory orders rise for third consecutive month in October

Mubasher: German manufacturing orders rose in October for the third month in a row, provisional estimates showed on Thursday.

This came in contrast to expectations of a decline, as a large growth in demand from the Eurozone outran a drop in domestic bookings.

Factory orders, a major indicator for Europe’s largest economy, edged up 0.3% in October, compared with September, the Federal Statistical Office (Destatis) said.

Meanwhile, analysts polled by Business Insider expected a 0.4% fall.

Orders received by factories in Germany rose 0.1% in September and 2.3% in August.

Domestic demand dropped 3.2% in October, whereas foreign orders grew 2.9%, Destatis said.

Demand from the Eurozone jumped 7.3% during the month, while orders from other countries inched up 0.3%.

However, on an annual basis, factory orders dropped 2.7% in October, which was below analysts’ forecasts of a 3.1% slump.