Germany factory orders down 1% in June

ISTANBUL

The new factory orders in the German industry dropped by 1% month-on-month in June, official figures from Destatis showed on Wednesday.

The market expectation was at positive side with 1.2% for the month of June.

The negative development of new orders in manufacturing was attributable to a low level of new orders for the manufacture of other transport equipment for the month of June - aircraft, ships, trains, military vehicles - down 23.1%.

Declining new orders in the automotive industry, with 7.6%, and for the manufacture of fabricated metal products, with 12.9%, also has a negative impact on overall performance.

By contrast, the increase in new orders for the manufacture of electrical equipment (23.5%) had a positive effect.

On a yearly basis, factory orders showed an increase of 0.8%.