×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Germany | Economy

German Factory Orders Register Sharp Decline in August

German Factory Orders Register Sharp Decline in August

Wednesday, 06 October 2021 09:00 AM

BERLIN (AP) — Factory orders in Germany plummeted 7.7% in August compared with the previous month, led by much lower demand from countries outside the eurozone, official figures showed Wednesday.

The drop in orders, a leading indicator for Europe's biggest economy, followed month-on-month gains of 4.6% in June and 4.9% in July.

The Economy Ministry said that orders from inside Germany were down 5.2%, while those from non-eurozone countries were off 15.2%. Orders from Germany's partners in the 19-nation eurozone were up 1.6%.

The ministry said the drop may be due in part to big bulk orders in July and to the fact that summer vacations at some automakers fell in August this year. There was a 12% drop in orders in the car sector, while orders for machinery were off only 1%.

“Today’s disappointment has also an upside: it brings some relief to German manufacturers who are increasingly suffering from high backlogs,” Carsten Brzeski, a Frankfurt-based economist at ING, said in a research note.

“Judging from still richly filled order books and low inventories, the future for industrial production should be extremely bright,” he added, “if it wasn’t for the ongoing supply chain frictions.”

© Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Factory orders in Germany plummeted 7.7% in August compared with the previous month, led by much lower demand from countries outside the eurozone, official figures showed Wednesday.The drop in orders, a leading indicator for Europe's biggest economy, followed month-on-month...
Germany,Economy
194
2021-00-06
Wednesday, 06 October 2021 09:00 AM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved