German Industrial Orders Showed the Biggest Fall Since January 2017 In June
German industrial orders fell more than expected in June and marked the lowest level since the beginning of 2017. The German Federal Statistics Office (Destatis) reported, that production orders decreased by 4% in June, reversing the growth by 2.6% in May. This was the biggest fall since January 2017. Economists forecast a decrease of 0.1%.
Annually, production orders unexpectedly fell by 0.8%, in contrast to the increase of 4.7% in May. It was expected that orders will grow by 3.5%.
Both domestic and foreign orders decreased by 2.8% and 4.7% respectively. New orders from the Eurozone fell by 2.7%, while demand from other countries decreased by 5.9%. Excluding large orders, new orders decreased by 3.2% in June.