05.07.201802:26:00UTC+00Germany's Factory Orders Rebound In May

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

Factory orders grew 2.6 percent month-on-month in May, in contrast to a revised 1.6 percent drop in April. Orders were expected to climb 1.1 percent.

Excluding major orders, manufacturing orders climbed 2.2 percent in May. Domestic orders grew 4.3 percent and foreign orders gained 1.6 percent.

On a yearly basis, new orders in manufacturing advanced 4.4 percent, much bigger than the revised 0.8 percent rise seen in April. Economists forecast orders to grow 1.7 percent.

Data showed that manufacturing turnover increased 0.9 percent on month in May, reversing a 0.1 percent drop in April.