German industrial orders suffer in July | The Daily Star
12:00 AM, September 06, 2019 / LAST MODIFIED: 12:00 AM, September 06, 2019

German industrial orders suffer in July

New orders for industrial firms in Europe’s manufacturing powerhouse Germany fell back in July, official data showed Thursday, as the economy smarts from a global growth slowdown. Companies reported new contracts down 2.7 percent compared with June, federal statistics authority Destatis said, and 5.6 percent less than in July 2018 -- well below analysts’ forecasts.

Leaving aside large orders for items like aircraft showed orders up slightly in July, adding 0.5 percent month-on-month. Nevertheless,  “new orders for industry have overall made a weak start to the third quarter,” the economy ministry in Berlin acknowledged in a statement.

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“Given still-smouldering international trade conflicts and restrained business expectations, there is no sign of a fundamental improvement in the coming months.” The effects of trade conflicts between the US, China and Europe were visible in the detailed breakdown of the orders data.

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