German factory orders rise by surprise 4.8% in February

German factory orders surged by a surprising 4.8% in February against a 0.5% rise in the prior month, according to official data released on Wednesday.

Economists had forecast a 0.3% increase. According to the federal statistics agency, new orders in the capital goods sector jumped by 7.3% in February, the third increase in a row, while intermediate goods orders rose 1.3% and consumer goods 1.9%.

New orders in the manufacturing sector have risen for the third month in a row and are 7.3% higher than in November 2022.

However, new orders are still 5.7% lower than in February 2022.

Reporting by Frank Prenesti for Sharecast.com