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Financial News: Germany's Factory Orders Decline On Weak Domestic Demand

Germany's Factory Orders Decline On Weak Domestic Demand

10/07/2019 - 07:36:00 (RTTNews)

(RTTNews) - Germany's factory orders declined more-than-expected in August on weak domestic demand, figures from Destatis revealed Monday.

German investor confidence deteriorated sharply in October to the weakest since July 2009 despite stimulus measures announced by the European Central Bank, survey results from the behavioral research institute Sentix showed.

Factory orders decreased 0.6 percent on month, bigger than the expected 0.4 percent drop but slower than the revised 2.1 percent decline seen in July.

The monthly fall in August was driven by a 2.6 percent decrease in domestic orders, while foreign orders grew 0.9 percent. Orders from euro area and the non-euro area advanced 1.5 percent and 0.4 percent, respectively.

Destatis is slated to release August industrial production data on October 8. Production is expected to fall marginally by 0.1 percent.

The economy ministry said the weakness in demand continued in industry. The industrial sector remains subdued for the time being.

On a yearly basis, factory orders fell 6.7 percent after decreasing 5 percent in July. Economists had forecast a 6.6 percent drop.

Data showed that manufacturing turnover increased 1.3 percent on month, following a 1.2 percent decrease in July.

According to Sentix, the German investor sentiment indicator eased to -19.4 in October from -12.8 in the previous month. The current situation indicator fell to -18.0 from -10.5 and the expectations index dropped to -20.8 from -15.0 in September.

Last week, Germany's leading economic institutes slashed the economic growth forecast for this year and next, to 0.5 percent and 1.1 percent, respectively, citing the weakening global demand for capital goods exports.

In September, Bundesbank said Germany is likely to enter a technical recession in the third quarter, but it not a cause for concern. The economy had contracted 0.1 percent in the second quarter.

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