Factory orders in Germany tumble more than expected in July

ANKARA

Factory orders in Germany declined more than market forecasts in July, according to official data released on Tuesday.

New manufacturing orders dropped 1.1% month-on-month in July, following an upwardly revised 0.3% decline in June, German statistical office Destatis said.

The market estimate for the month was a 0.5% decrease.

New orders in the domestic sector slipped 4.5% and in the euro area by 6.4% compared with the previous month.

In contrast, total foreign orders were up by 1.3% in July, driven by those from countries outside the eurozone, which increased 6.5%.

Orders for capital goods were down by 0.2%, while intermediate goods recorded a 1.5% rise.

Orders for consumer goods plummeted 16.9%, mainly due to a 23.6% decline in the volume of new orders for pharmaceutical products, according to Destatis.

On an annual basis, the July figure for new manufacturing orders plunged by 13.6%.