German industrial orders slump in August

6th October 2014, Comments 0 comments

German industrial orders, a key measure of demand for German-made goods both at home and abroad, were down sharply in August, data showed on Monday.

Industrial orders fell by 5.7 percent in August compared with the previous month, the statistics office Destatis said in a statement.

In July, German factory orders had jumped by 4.9 percent.

The large swing was partly due to the timing of the summer holidays, as well as the above-average number of big ticket orders in July, the statisticians said in a statement.

Domestic orders declined by 2.0 percent and export orders dropped up by as much as 8.4 percent compared with the previous month.

Orders from the eurozone contracted by 5.7 percent and orders from outside the eurozone slumped by 9.9 percent.

By sector, orders for semi-finished goods were down 3.0 percent and orders for capital goods dropped by 8.5 percent, while orders for consumer goods rose by 3.7 percent.

© 2014 AFP

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