German factory orders unexpectedly rise in December

German factory orders unexpectedly rose in December, according to data released by Destatis on Tuesday.

Orders were up 8.9% on the month on a seasonally and calendar adjusted basis following a flat reading in November and versus expectations for them to be unchanged.

On the year, meanwhile, factory orders were 2.7% higher in December following a 4.7% decline the month before.

In 2023 as a whole, incoming orders fell by 5.9% on a calendar-adjusted basis compared to the previous year, Destatis said. However, other vehicle construction recorded growth - this includes, among other things, the construction of aircraft, ships and trains.