Home Economy Germany Factory Orders Fall More Than Expected

Germany Factory Orders Fall More Than Expected

by Renju Jaya

Germany’s factory orders declined more than expected in August, data from Destatis showed on Thursday.

Manufacturing new orders decreased 2.4 percent month-on-month in August, reversing a revised 1.9 percent rise in July. Economists had forecast a moderate 0.7 percent drop in August.

Excluding large-scale orders, there was an increase of 0.8 percent, data showed.

Domestic orders and foreign orders fell 3.4 percent and 1.7 percent, respectively.

Manufacturers of capital goods recorded a decrease of 2.4 percent in August. Likewise, orders for intermediate goods slid 4.2 percent. On the other hand, consumer goods orders went up 5.2 percent.

On a yearly basis, new orders were down 4.1 percent after a sharp 11.0 percent decline in July.

Further, data showed that manufacturing turnover grew 1.0 percent on month, in contrast to the revised 2.0 percent fall in July.

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