German manufacturing orders worse than expected
07 Aug 2012
German industrial orders were down more than expected in June as domestic and euro zone demand weakened, according to data from the economy ministry, indicating that the single currency bloc's crisis was taking its toll on Europe's largest economy.
Seasonally and price-adjusted order intake slid 1.7 per cent on the month, while contracts from the euro zone were down 4.9 per cent on the month. Domestic bookings fell 2.1 per cent.
Non-euro zone countries provided the only bright spot though, which saw sales rise 0.6 per cent month-on-month.
According to the economy ministry, second-quarter order levels were slightly above first-quarter levels.
"Domestic orders were slightly subdued, with the momentum coming from abroad,'' the ministry said in a statement.
The data for May saw an upward revision to a gain of 0.7 per cent from a previously reported rise of 0.6 per cent.
Domestic orders were down 2.1 per cent in June, following a 1.4 per cent fall in the previous month. Foreign orders fell 1.5 per cent as against a 2.5 per cent increase in May.
Orders from within the euro zone retreated 4.9 per cent, after May's 7.8 per cent rise. In annual unadjusted terms, orders were down 5.4 per cent in June, after falling 10.5 per cent in May.
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