By Gokhan Ergocun
ISTANBUL (AA) - New orders in Germany's manufacturing sector fell by 5.8% in August compared to the previous month, according to data released Monday by the federal statistical authority Destatis.
On an annual basis, orders were down 3.9%, with Destatis attributing the decrease to a high volume of large orders for transport equipment placed in July, which inflated the prior month’s figures.
Breaking down the monthly changes, new orders for capital goods declined by 8.6%, while intermediate goods dropped 2.2%, and consumer goods dipped by 0.9%.
"Positive contributions in August 2024 mainly came from the non-euro area," it said, noting that foreign orders from outside the euro area rose by 3.4%, while orders from the euro area decreased by 10.5%.
Despite the downturn in new orders, the manufacturing sector's turnover in August rose 3.2% from the previous month. Year-over-year turnover, however, was down by 3.1%.