German industrial orders plunge most in 3 years: Destatis

BERLIN, Sept. 6– New orders in Germany’s manufacturing industry dropped by 11.7 percent month-on-month in July, the sharpest decline since April 2020, according to provisional figures published by the Federal Statistical Office on Wednesday. Total international orders for Germany’s industry in July fell by 12.9 percent compared with the previous month,…

BERLIN, Sept. 6 (Xinhua) — New orders in Germany’s manufacturing industry dropped by 11.7 percent month-on-month in July, the sharpest decline since April 2020, according to provisional figures published by the Federal Statistical Office (Destatis) on Wednesday.

Since Airbus concluded a purchase order with an Indian airline in June, new orders in the German aerospace industry have plummeted by more than half, according to the figures.

Total international orders for Germany’s industry in July fell by 12.9 percent compared with the previous month, with new orders from the eurozone dropping particularly sharply by 24.4 percent, according to Destatis.

“A weak manufacturing and construction sector is weighing on the German economy,” the Kiel Institute for the World Economy (IfW Kiel) said on Wednesday. The institute lowered its economic growth forecast for Europe’s largest economy from minus 0.3 percent to minus 0.5 percent this year.

German exports are “suffering from the global weakness in investment,” IfW Kiel said. “However, the still high order backlog is supporting industrial activity.” Enditem