German industrial orders fell more than expected in July on weak demand from abr...
BERLIN - German industrial orders fell more than expected in July on weak demand from abroad, data showed on Thursday, suggesting that struggling manufacturers could tip Europe’s biggest economy into a recession in the third quarter.
Contracts for ‘Made in Germany’ goods were down 2.7% from the previous month in July, driven by a big drop in bookings from non-euro zone countries, the economy ministry said. That undershot a Reuters consensus forecast for a 1.5% drop.“The misery in manufacturing continues. The decline in new orders significantly increases the risk of a recession for the German economy,” VP Bank analyst Thomas Gitzel said.
Orders from non-euro zone countries plunged nearly 7% on the month while demand from other euro zone countries and domestic bookings rose slightly, the data showed. “Since the start of the year, domestic orders have actually dropped more than foreign orders, suggesting that global woes have reached the domestic economy,” Brzeski added.
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