In August the orders to industry in Germany they dropped by 5,7% month on month, after +4,9% in July. This is the sharpest decline since August 2009, far greater than the decline expected by analysts (-2,5%). The seasonally adjusted index was released this morning by Destatis, the German national statistical institute.
On an annual basis, the raw figure fell by 4,1%. Overseas orders fell 8,4% month on month, domestic ones down 2%. Demand from the Eurozone decreased by 5,7% and that from other countries by 9,9%.
Orders for intermediate goods fell by 3% and those for capital goods by 8,5%. Consumer goods orders, on the other hand, rose by 3,7%.
