06.08.201902:16:00UTC+00Germany Factory Orders Rebound In June

Germany's factory orders rebounded at a faster than expected pace in June, data from Destatis showed Tuesday.

Factory orders grew 2.5 percent month-on-month in June, reversing a revised 2 percent drop in May. The pace of growth also exceeded the expected rate of 0.5 percent.

The increase was driven by a 5 percent rise in foreign orders. New orders from the euro area were down 0.6 percent. On the other hand, new orders from other countries grew 8.6 percent.

Meanwhile, domestic orders decreased 1 percent in June.

On a yearly basis, factory orders declined 3.6 percent in June but much slower than the 8.4 percent decrease seen in May and the expected fall of 5.3 percent.

Further, data showed that manufacturing turnover decreased 0.1 percent on month in June after easing 1.3 percent in May.