Bankinter | Factory orders in Germany surprise upwards for the second consecutive month in December: 13.0% year-on-year against an expected 1.2% and a previous 10.6% (revised from 10.5%). In month-on-month terms, 7.8% against a drop of 2.2% and 5.7% (revised from 5.6%). The improvement is again explained by growth in orders for metallurgical products (30.2% month-on-month against 25.3% previously) and capital goods (11.5%). Capital goods were up 10.5% against 7.9%.
Analysis team’s view: Positive figures suggest that the fiscal stimulus announced by the German government is beginning to have an impact on the industrial sector and increasing optimism for a gradual recovery of an economy growing at just above 0%. At the end of 2025, of the €500 billion approved, €24 billion (<5%) had been spent, so as the entire package is invested, we will see growth gaining traction.
