German industrial orders rebound in May

7 July, 2020 12:00 AM printer

FRANKFURT AM MAIN: New orders for German manufacturing firms rebounded in May as coronavirus lockdowns eased, official data showed Monday, but the smaller than expected increase highlights the long road ahead for pandemic-hit economies.

The closely-watched indicator of future industrial activity climbed 10.4 percent month-on-month, federal statistics agency Destatis said, after a historic 26.2 percent slump in April, reports AFP.

Economists surveyed by Factset had predicted a 17-percent jump in May orders.

The economy ministry said the latest data suggested "that the industrial recession has bottomed out" in Germany.

But with order intake still almost 30 percent lower than in May 2019, "the catch-up process is far from over", it added.

Domestic orders and those from inside the eurozone rose sharply in May, but demand from non-euro nations only climbed two percent compared with April as countries emerge from lockdown at different speeds.