Financial News: German Factory Orders Plunge

German Factory Orders Plunge

(RTTNews) - Germany's factory orders declined sharply in August largely due to the collapse in demand for aircraft, ships, trains and military vehicles, official data revealed Tuesday.

Factory orders plunged 10.6 percent from the previous month, in contrast to the 3.2 percent rise in July, Destatis reported. Orders were forecast to decrease moderately by 0.9 percent.

When large-scale orders are excluded, new orders were 0.1 percent lower than in the previous month.

The monthly fall in orders was almost entirely attributable to the sharp decline in the "manufacture of other transport equipment" sector, Destatis said. Orders for aircraft, ships, trains and military vehicles fell significantly by 61.5 percent.

New orders for capital goods were down 15.3 percent. At the same time, orders for intermediate goods and consumer goods declined 2.6 percent and 7.3 percent, respectively.

Foreign orders dropped 5.4 percent in August as orders from the euro area slid 5.4 percent and that from outside the euro area decreased 5.5 percent. Meanwhile, domestic orders declined markedly by 17.3 percent.

On a yearly basis, factory orders growth eased sharply to 2.7 percent from 14.0 percent in the prior month.

Further, data showed that real turnover in manufacturing remained unchanged, following a decrease of 1.4 percent in July.

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