Germany’s factory orders dropped unexpectedly on foreign demand in July, data publishes by Destatis revealed Thursday.
New orders in manufacturing fell 0.9 percent in July from June, confounding expectations for an increase of 1.8 percent. Nonetheless, this was slower than the 3.9 percent decline seen in June.
Domestic orders grew 2.4 percent, while foreign orders decreased 3.4 percent in July on the previous month. New orders from the euro area were down 2.7 percent and that from other countries slid 4 percent.
On a yearly basis, factory orders fell 0.9 percent after easing 0.8 percent in June. Economists had forecast a 1.9 percent rise for July.
Data showed that turnover in manufacturing decreased 1.8 percent, which was bigger than June’s 0.7 percent fall.