Seasonally and price-adjusted new factory orders in Germany dropped by 11.7% in July compared to the previous month, the country's Federal Statistical Office Destatis said in a report published on Wednesday. The report noted that "much of the sharp decline in new orders in July 2023 is due to a very large order reported in the manufacture of air and spacecraft in June 2023."
Domestic orders declined 9.7% compared to June, while foreign orders slid 12.9%. New orders from the euro area plummeted 24.4%, while new orders from other countries fell by 4.1% month on month. New orders of capital goods were down 15.9% and consumer goods orders plunged 8.2%, while orders of intermediate goods decreased by 4.5%.
On an annual basis, calendar-adjusted new factory orders tumbled 10.5%.
