German factory orders decline sharply in October
New manufacturing orders declined by 1.5 percent month-on-month in October, a sharp reversal from the robust growth recorded in September.
Mixed sector trends defined Germany's factory order performance. / Photo: AP Archive
Germany's factory orders have dropped in October, softer than the market forecast, according to data from the Federal Statistical Office (Destatis).
The development of new orders in October differed strongly across various manufacturing sectors, said Destatis on Thursday.
The figure fell 1.5 percent from a month earlier in October, a sharp reversal from the robust 7.2 percent growth recorded in September.
The overall decline was primarily driven by significant drops in the manufacture of machinery and equipment (-7.6 percent) and the automotive industry (-3.7 percent).
However, the negative trend was partially offset by notable increases in other sectors, including the manufacture of basic metals ( 10.2 percent) and computer, electronic, and optical products ( 8.0 percent).
Domestic orders saw a steep decline of 5.3 percent, reflecting weaker internal demand. In contrast, total foreign orders rose slightly by 0.8 percent.
On an annual basis, new factory orders grew by a calendar-adjusted 5.7 percent in October.
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