06.09.202307:29:00UTC+00German Factory Orders Fall More Than Forecast

Germany's manufacturing sector orders decreased in double-digits on a monthly basis in July, which was much more than forecast, largely due to a big order for air and spacecraft in the previous month, preliminary data from Destatis showed Wednesday.

Factory orders fell a calendar-and-seasonally adjusted 11.7 percent in July, which was much worse than the 4 percent slump economists had forecast.

The decline for June was revised to 7.0 percent from 7.6 percent.

Excluding big orders, factory orders grew 0.3 percent from the previous month.

Destatis data also showed that foreign orders shrunk 12.9 percent monthly in July. Domestic bookings dropped 9.7 percent.

The less volatile three-month on three-month comparison showed that new orders were 3.1 percent higher in the period from May to July 2023 than in the previous three months, Destatis said.

In the transport equipment group, new orders slumped 54.5 percent month-on-month after a revised 72.4 percent jump in June that was boosted by the large-scale order for air and spacecraft.