Germany's manufacturing sector sees modest rise in November 2023

However, a broader perspective reveals a less optimistic scenario. When comparing the three-month period from September to November 2023 with the preceding three months, new orders in manufacturing exhibited a 4.5 per cent decline, as per Destatis.

Orders excluding large-scale projects fell by 0.6 per cent in November 2023 compared to October. In a revised assessment of October's figures, Destatis reported a 3.8 per cent decrease in new orders, slightly more than the initially estimated 3.7 per cent drop.

Breaking down by sectors, November saw a rise in the consumer goods sector by 1.1 per cent. Conversely, the intermediate goods sector experienced a 0.4 per cent decline.

Domestic orders in November fared better, showing a 1.4 per cent increase. In contrast, foreign orders declined by 0.4 per cent, with orders from the euro area decreasing by 1.9 per cent and those from other parts of the world rising by 0.6 per cent.

The manufacturing turnover also reflected a downturn. Real turnover in the sector, adjusted for seasonal and calendar effects, fell by 0.7 per cent in November compared to October. When adjusted for the calendar effect alone, November 2023's turnover was 4.9 per cent lower than in November 2022. October 2023 saw a revised decrease of 0.2 per cent from September, a slightly better outcome than the initially estimated 0.5 per cent decline.

ALCHEMPro News Desk (DP)