Berlin:German industrial orders experienced a significant decline in August, primarily due to a reduction in transport equipment manufacturing orders.
According to Qatar News Agency, the German Federal Statistical Office reported that factory orders decreased by 10.6 percent from the previous month, following a 3.2 percent increase in July. This decline was more severe than the expected 0.9 percent drop.
When excluding large-scale orders, new orders saw a slight decrease of 0.1 percent compared to July. Foreign orders were down by 5.4 percent, while domestic orders experienced a sharper decline of 17.3 percent.
Year-on-year growth in factory orders slowed to 2.7 percent in August, compared to a 14 percent increase in July.