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DE: Manufacturing Orders
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Month over Month | 0.8% | -1.0% to 4.0% | 1.9% | -3.8% | -3.2% |
| Year over Year | 4.2% | 2.7% to 7.9% | 6.3% | 1.5% | 2.1% |
Highlights
Germany's manufacturing sector regained momentum in May 2026, with real new orders increasing by 1.9 percent month-over-month, 1.1 percent above the consensus forecast for the month and recovering from April's revised 3.2 percent contraction. Annual growth also strengthened to 6.3 percent, 2.1 percent above the consensus forecast for the month and signalling improved industrial demand despite recent volatility.
The sharp 85.0 percent surge in other transport equipment, driven by major aircraft, ship and defence-related orders, was the principal contributor to May's expansion, complemented by gains in machinery (3.7 percent) and electrical equipment (5.7 percent). These improvements were partly offset by continued weakness in the automotive (minus 3.8 percent) and electronics (minus 7.8 percent) industries. Demand was supported across capital, intermediate and consumer goods, while foreign demand remained resilient, particularly from the euro area (11.2 percent), despite weaker orders from non-euro markets (minus 3.2 percent).
Manufacturing turnover also increased by 1.8 percent month-over-month and 4.2 percent year-over-year, suggesting that stronger order inflows are beginning to translate into higher production and sales, reinforcing cautious optimism for Germany's industrial recovery. These updates take the RPI to 5 and the RPI-P to 22, meaning that economic activities, based on the RPI, are within market expectations in Germany.
Market Consensus Before Announcement
Forecasters expect orders up 0.8 percent on the month and 4.2 percent on year in May, a big recovery from a drop of 3.8 percent on month and an increase of 1.5 percent on year in April.
Definition
Manufacturers orders are a leading indicator for industrial production. The figures are calculated every month by the Federal Statistical Office and represent the value of all orders for the delivery of self-made products confirmed by industrial enterprises with 50 or more employees in the respective reporting period. The results are broken down by both sector and region of origin (domestic and foreign split into euro area and non-euro area). Monthly volatility can be very high so moving averages give a much better guide to underlying trends.
Description
Manufacturers orders data are keenly awaited by analysts each month. The data present a detailed breakdown by various sectors and a reading of the pulse of a major sector of the economy. Like the PPI, manufacturing orders data exclude construction, which is the preferred Eurostat measure.
The manufacturers orders data rank among the most important early indicators for monitoring and analyzing German economic wellbeing. Because these data are available for both foreign and domestic orders they are a good indication of the relative strength of the domestic and export economies. The results are compiled each month in the form of value indexes to measure the nominal development of demand and in the form of volume indexes to illustrate the price-adjusted development of demand. Unlike in the U.S., orders data are not collected for all manufacturing classifications - but only those parts in which the make-to-order production plays a prominent role. Not included are, for example, mining, quarrying and the food industry.