Germany Factory Orders Fall More Than Expected


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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