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Factory orders in Germany exceeded expectations in September

The Federal Statistical Office of Germany (Destatis) announced that factory orders increased by 4.2% m-o-m and 1% y-o-y in September. These rates outperformed the expectations of economists surveyed by Bloomberg for a monthly increase of 1.5% and an annual decline of 2.1%.

Factory orders in Germany exceeded expectations in September

In particular, vehicle production more than doubled and foreign demand strengthened, Destatis said. However, German industry continues to put pressure on the Eurozone economy due to weak demand, high borrowing costs and structural problems.

Faced with cost pressures in the automotive sector, Volkswagen AG is discussing cost-saving measures with its staff, which could include plant closures. Giants such as Mercedes-Benz Group AG and BMW AG are also rethinking their electric vehicle conversions. These supply chain-wide problems are reflected in plans by parts makers such as Schaeffler AG and ZF Friedrichshafen AG to cut thousands of jobs. Robert Bosch GmbH has announced that it will not meet its financial targets, while Continental AG plans to spin off its auto parts unit.

These developments in German industry increase economic uncertainty for the Eurozone.

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