German manufacturing orders up 2.9% M-o-M in July

German manufacturing new orders rose by 2.9 per cent in July 2024 compared to the previous month, according to provisional data from the Federal Statistical Office (Destatis). On an annual basis, orders surged by 3.7 per cent compared to the same month a year earlier.

The increase is largely attributed to a significant 86.5 per cent monthly surge in the manufacture of other transport equipment sector, driven by large-scale orders for aircraft, ships, and military vehicles.

Excluding these large orders, new orders fell by 0.4 per cent. The electrical equipment sector also contributed with an 18.6 per cent rise, while the “machinery and equipment” sector saw a 6.1 per cent decline.

Foreign orders grew by 5.1 per cent, while domestic orders remained unchanged. However, real turnover in manufacturing dropped by 2.3 per cent in July, with a 5.6 per cent year-on-year decrease.