Development of new manufacturing orders in May 2022

According to the Federal Statistical Office¹, new manufacturing orders remained virtually unchanged between April and May (+0.1%). In the preceding three months, they had continuously declined due to Russia’s war of aggression against Ukraine.² Adjusted for the number of working days, new orders were thus 3.1% below their level a year earlier.

In May, manufacturers of capital goods reported an increase in orders of 3.3% compared with the preceding month. Orders of intermediate and consumer goods, however, fell by 3.2% and 4.5% respectively.

Domestic orders dropped by 1.5%. Orders from abroad rose by 1.3%, especially due to a rise in orders from outside the eurozone (+3.7%). In contrast, orders from within the eurozone fell by 2.4%.

Developments varied from sector to sector. Whilst manufacturing orders rose sharply in the important sectors of cars and car parts (+12.8%), other sectors, including mechanical engineering and metal production, saw falls to a greater or lesser extent. Orders in the chemical industry, however, remained unchanged. In view of the great uncertainty due to the war and the threat of a Russian gas supply freeze, the outlook for the industrial sector for the coming months remains subdued.

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[1] Press release by the Federal Statistical Office of 6 July 2022.

[2] All figures are based on provisional data and have been adjusted for price, calendar day and seasonal factors (X13 JDemetra+ procedure).