Overview

• Germany’s total industrial order backlog climbed 4% year-on-year in April and edged up 0.8% from March
• Automotive orders drove the increase with a 2.6% month-on-month gain while other vehicle manufacturing also recorded growth
• The backlog remained sufficient for 7.8 months of production at current output rates
• April’s uptick offers relief after two consecutive years of industrial contraction and associated job losses
• Most economists expect overall stagnation this year despite possible minimal growth highlighted by Bundesbank President Joachim Nagel