German factory orders decline unexpectedly in August

Germany’s factory orders fell unexpectedly in August, figures released on Tuesday showed.

According to the Destatis federal statistical office, factory orders declined 1.8% month-on-month in August, marking the second successive month of a decline following a 2.2% decline in July.

The figure was well short of the expected 0.5% increase.

The report said domestic orders declined 2.6%, while foreign orders slumped 5.2% month-on-month. Orders received from Eurozone countries climbed 2.5%, while orders from other countries declined 3.7%.

On a year-on-year basis, factory orders rebounded from July’s upwardly revised 1.3% decline to increase 1.9%, although the figure was short of the expected 5.6% gain.