By Tuba Sahin
ANKARA (AA) - Factory orders in Germany plummeted 4% month-on-month in September, far more than the market forecast, said the country’s statistical office Destatis on Friday.
The market estimate was a 0.5% monthly fall for September, following a downwardly revised 2% decline in August.
New domestic orders rose slightly by 0.5% in September, while total foreign orders dropped 7% in the same period.
New orders from the euro area slipped 8.0% from a month ago, and countries outside the single currency zone fell marginally by 0.4% in September.
Producers of capital goods posted the largest decrease with 6.0%, followed by intermediate goods with 3.4%. On the other hand, consumer goods orders rose 7.2%.
On an annual basis, new factory orders fell by a calendar-adjusted 10.8% compared to September 2021, when the volume of new orders was exceptionally high despite pandemic catch-up effects and a shortage of intermediate products, Destatis noted.