Germany's factory orders back to growth in February

ANKARA

Germany's factory orders grew 0.2% month-on-month in February, following a marginally revised 11.4% decline in January, the Federal Statistical Office (Destatis) said on Friday.

The hike in new orders in German manufacturing fell below the market forecast of a 0.3% growth for February.

New orders in machinery and equipment surged 10.7% from the prior month, followed by the chemical industry (up 3.1%) and the pharmaceutical industry (up 6.6%).

The automotive industry and the manufacture of fabricated metal products saw an 8.1% and 5.3% decrease, respectively, in new orders.

On an annual basis, new factory orders dropped by a calendar-adjusted 10.6% in February 2024.