Shortfall in orders hits German economy hard

By Gokhan Ergocun

ISTANBUL (AA) - A shortfall in orders is hitting the German economy hard, the Munich-based Ifo Institute said on Monday.

Last month, some 41.5% of companies reported a lack of orders, up from 39.4% in July, the institute said.

The rate is the highest since the 2009 financial crisis, it said, adding: "In manufacturing, nearly half of all companies (47.7%) reported a lack of orders.

"Core sectors, such as mechanical engineering, and the metal and electrical industries, are especially worried."

Among service providers, the share rose slightly from 31.2% to 32.1%, it said.