German factory orders decline 0.6% in August

Monday, 07. October 2019 08:01

An update in statistical data on manufacturing in the Eurozone's biggest economy showed the decline in producers' order books has slowed on a monthly basis but that it accelerated year on year, though with an upward revision. Destatis said on Monday that the measure dropped 0.6% in August in Germany after plunging 2.1%. The initial report for July showed a reduction in orders of 2.7% adjusted for seasonal and calendar changes.

The gauge was down 6.7% against August 2018. In the previous month, the annual fall was 5% or 0.6 percentage points smaller than in the provisionary release. The slump in the sector this year has prompted cuts in the country's economic growth outlook and raised recession fears.

If big orders are excluded, the headline was 0.3% lower in August alone, according to the Federal Statistical Office. Total domestic orders came in 2.6% lower, but overseas demand advanced 0.9% led by other members of the monetary union. Intermediate goods saw a gain of 1.1% against a worsening in capital and consumer goods. Turnover jumped 1.3% following a 1.2% decline in July, 0.3 points larger than the flash number.

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