Germany Factory Orders Fall Less Than Expected In June

RTTNews | 1498 days ago

(RTTNews) - Germany factory orders declined less than expected in June as the fall in foreign demand was partially offset by the improvement in domestic orders, data published by Destatis showed on Thursday.

Factory orders decreased 0.4 percent on a monthly basis in June, after a revised 0.2 percent drop in May. Nonetheless, this was slower than the economists' forecast of -0.8 percent.

Excluding major orders, new orders grew 0.4 percent from a month ago.

The overall decline was mostly due to the 4.3 percent fall in orders from the non-euro area countries, while orders from the euro area climbed 3.4 percent. As a result, foreign demand was down 1.4 percent. On the other hand, domestic orders gained 1.1 percent.

The producers of capital goods registered a decline of 1.8 percent. Meanwhile, orders for intermediate goods gained 1.2 percent and that for consumer goods went up 1.7 percent.

Year-on-year, the decline in factory orders deepened to 9.0 percent from 3.2 percent in the previous month.

Data showed that manufacturing turnover grew 3.0 percent on month, following a revised 2.5 percent increase. On a yearly basis, turnover gained 3.4 percent.

Industrial production data for June is due on August 5. Output is forecast to fall 0.3 percent on month in June, reversing a 0.2 percent rise in May.

Elsewhere, construction Purchasing Managers' survey showed a deepening downturn in the construction activity in July. The construction Purchasing Managers' Index fell to 43.7 in July from 45.9 in June. The score signaled the steepest fall since February 2021.

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