Germany Factory Orders Growth Moderates In July

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Germany’s factory orders growth moderated more than expected in July, data from Destatis revealed Friday.

Factory orders increased 2.8 percent on a monthly basis, much slower than the 28.8 percent rise in June and economists’ forecast of 5 percent.

Domestic orders fell 10.2 percent, while foreign orders grew 14.4 percent in July on the previous month.

Excluding major orders, new orders were 6.2 percent higher than in the previous month.

On a yearly basis, overall factory orders declined 7.3 percent in July, following a 10.6 percent decrease seen in June.

Data showed that manufacturing turnover climbed 5.2 percent on month, but slower than the 13.2 percent increase in June.

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