Allemagne Commandes de l'industrie

Germany’s factory orders rose 1.1% mom in September 2025, slightly above market estimates of 1.0% growth and swinging from a downwardly revised 0.4% drop in the prior month. It was the first increase since April, driven by rises in the manufacture of electrical equipment (9.5%), aircraft, ships, trains, military vehicles (7.5%), and the automotive sector (3.2%). In contrast, orders for metal products plunged 19.0% following large orders in August, with new orders in metal production and processing also down 5.6%. By category, demand rose for consumer goods (6.2%) and intermediate goods (1.4%), while capital goods orders held steady. Foreign orders grew 3.5%, lifted by gains from both the Euro area (2.1%) and non-Euro area (4.3%), but domestic orders fell 2.5%. Excluding large-scale contracts, overall orders expanded 1.9%. On a three-month average, factory orders declined 3.3% in Q3, and excluding large contracts, they fell 1.5%, highlighting persistent weakness in industrial activity.