Germany’s factory orders grew at a faster pace in October, data from Destatis revealed Friday.

Factory orders grew 2.9 percent on month in October, faster than September’s 1.1 percent rise. Orders were forecast to climb 1.5 percent.

Excluding major orders, new orders in manufacturing were 1.7 percent higher than in the previous month.

Domestic and foreign orders increased 2.4 percent and 3.2 percent, respectively in October.

Year-on-year, factory orders advanced 1.8 percent, in contrast to a 1.1 percent decrease in September, data showed.

Further, manufacturing turnover increased 4 percent on a monthly basis, faster than the revised 1.7 percent rise seen in August.

The material has been provided by InstaForex Company – www.instaforex.com

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