By Maria Martinez
New orders in Germany's manufacturing sector fell sharply in August, more than forecast, reflecting weakening demand for goods in a context of rising input costs and high energy prices.
Factory orders decreased 2.4% on month, data from the German statistics office Destatis showed Thursday. The decrease is much larger than forecast by economists polled by The Wall Street Journal, who expected orders to fall by 0.5%.
The German statistics office revised new orders data for July. Following the revision, orders increased 1.9% on month, instead of falling by 1.1% as the first estimated showed.
The large revision of the result for July and the decline in new orders for August is related with large-scale orders in the aerospace sector that were reported late for July, Destatis explained.
The fall in orders in August was broad-based. Domestic orders decreased by 3.4% and foreign orders were down 1.7% on month. New orders from the eurozone decreased 3.8%, while new orders from other countries fell slightly, by 0.4% compared with July, Destatis's data showed.
Compared with August 2021, new orders fell by 4.1%.
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