06.08.202006:54:00UTC+00Germany's Factory Orders Growth Tops Expectations

Germany's factory orders grew more than expected in June driven by both domestic and foreign demand, data from Destatis showed Thursday.

Orders advanced 27.9 percent on a monthly basis, faster than the 10.4 percent increase seen in May. Economists had forecast a 10.1 percent rise for June.

Domestic orders advanced 35.3 percent and foreign orders climbed 22 percent from the previous month.

Excluding major orders, real new orders in manufacturing were 23.8 percent higher than in the previous month.

On a yearly basis, factory orders declined 11.3 percent in June, following a 29.3 percent decrease in May.