German Factory Orders Plunge 5.8% in August; Expected Drop Was 2%

Oct 7, 2024, 06:05 AM

In August 2024, German factory orders experienced a significant decline of 5.8% month-on-month, far exceeding economists' expectations of a 1.9% to 2.0% decrease. This sharp drop follows a 2.9% increase in the previous month and marks a setback for Germany's industrial sector. On a year-on-year basis, factory orders fell by 3.9%, compared to an estimated 1.6% decrease. The slump in orders underscores ongoing challenges in Europe's largest economy, which has struggled to achieve a sustained recovery this year.