German Factory Orders Decline Sharply

(RTTNews) - Germany's factory orders declined sharply in August largely due to the fall in transport equipment manufacturing, data from Destatis showed Tuesday.

Factory orders plunged 10.6 percent from the previous month, in contrast to the 3.2 percent rise in July. Orders were expected to fall 0.9 percent.

Excluding large-scale orders, new orders were 0.1 percent lower than in the previous month.

Foreign orders were down 5.4 percent in August and domestic orders declined 17.3 percent.

On a yearly basis, factory orders growth eased notably to 2.7 percent from 14.0 percent in the prior month.

Further, data showed that real turnover in manufacturing remained unchanged, following a decrease of 1.4 percent in July.