German factory orders increased in May, albeit less than forecast, as Europe’s largest economy is seen expanding at a robust pace.
Orders, adjusted for seasonal swings and inflation, rose 1 percent after falling a revised 2.2 percent in April, data from the Economy Ministry in Berlin showed on Thursday. The typically volatile reading compares with a median estimate for a 1.9 percent increase in a Bloomberg survey. Orders were up 3.7 percent from a year earlier, when adjusted for working days.
Germany has driven economic growth in the 19-nation euro region and the Bundesbank predicts that “lively” manufacturing demand from within the country and abroad will contribute to strong growth. The Frankfurt-based central bank has upgraded its outlook through 2019, also pointing to declining unemployment bolstering spending.