Tuba Ongun
December 05, 2024•Update: December 05, 2024
ANKARA
Germany's factory orders dropped in October, softer than market forecast, according to data from the Federal Statistical Office (Destatis) on Thursday.
The figure fell 1.5% from a month earlier in October, a sharp reversal from the robust 7.2% growth recorded in September.
The development of new orders in October differed strongly across various manufacturing sectors, said Destatis.
The overall decline was primarily driven by significant drops in the manufacture of machinery and equipment (-7.6%) and the automotive industry (-3.7%).
However, the negative trend was partially offset by notable increases in other sectors, including the manufacture of basic metals (+10.2%) and computer, electronic, and optical products (+8.0%).
Domestic orders saw a steep decline of 5.3%, reflecting weaker internal demand. In contrast, total foreign orders rose slightly by 0.8%.
On an annual basis, new factory orders grew by a calendar-adjusted 5.7% in October.
