Germany Factory Orders and Industrial Turnover May Update

German manufacturing data for May exceeded expectations, with a 1.9% increase in orders and 1.8% in industrial turnover. This suggests a stabilization in economic activity and points to robust industrial production growth in the second quarter.

Key Takeaways

• 1.German manufacturing orders rose 1.9% in May, exceeding consensus estimates of 1.1%.
• 2.Industrial turnover grew 1.8% in May, supported by strong performance in basic metals, electronics, and chemicals.
• 3.The firm expects June industrial production to show a 0.5% mom increase due to robust manufacturing growth.

Table of Contents

• BOTTOM LINE
• KEY NUMBERS
• MAIN POINTS
• Exhibit 1: German Manufacturing Orders and Sales - Overview
• Exhibit 2: German Manufacturing Orders by Destination
• Exhibit 3: German Manufacturing Orders by Sub-Sector
• Exhibit 4: German Manufacturing Turnover (Sales)
• Exhibit 5: Orders and Sales Diffusion Indices
• Exhibit 6: We Expect Robust Manufacturing IP Growth After Today's Strong Manufacturing Sales
• Exhibit 7: Sectoral Spotlight on Defence
• The European Economics Team
• Disclosure Appendix

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