German manufacturing orders weaker than expected

German manufacturing orders weaker than expected

German manufacturing orders fell August, data from the Federal Statistical Office showed Monday, boosting the likelihood of economic contraction in the third quarter in Europe’s largest economy.

Manufacturing orders declined 0.6% on the month in adjusted terms. Economists polled by The Wall Street Journal forecast a meager 0.2% growth on the month.

On an annual comparison, orders plunged by 6.7% adjusted to calendar and price effects.

“Weak demand continued in the industry,” the Ministry of Economics said. “The industrial business activity remains subdued for the time being,” it added.

Domestic orders fell by 2.6%, while foreign orders rose by 0.9%, the ministry said.

Share:
Scroll Up
error: Content is protected !!