German Industrial Orders Decline in August, Fueling Recession Worries
According to data released by the Economic Ministry, German industrial orders posted a greater than expected decline for the month of August, adding to worries of the economy slipping into recession. Contracts for goods manufactured in Germany declined by 0.6% MoM in August, while demand for capital goods declined by 1.6% during this period.
The decline has come in worse than economists’ expectations which was for a 0.3% decline in contracts. The weakness in global economic growth, the US-China trade war and raging Brexit uncertainties have driven a weakness in Germany’s manufacturing sector over the past several months.
The latest data about declining industrial orders will only serve to drive greater gloom in the outlook for the German manufacturing sector. Germany’s economy is heavily dependent on its manufacturing sector and any downturn in this can significantly slow down overall economic growth not only in Germany but in the Eurozone as well.
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