Factory orders in Germany fall for 6 months

Factory orders in Germany contracted by 1.1 percent in July compared to the previous month, exceeding expectations. Thus, the series of monthly contractions extended to the 6th month. Factory orders in Germany continue to decline due to the course of inflation and uncertainties in energy supply. Factory orders in the country decreased by 1.1 percent in July compared to the previous month. Thus, the decline in factory orders extended to the 6th month. Economists who participated in the Bloomberg survey expected factory orders to contract by 0.7 percent. The contraction in June was also revised from 0.4 percent to 0.3 percent. It was observed that the decline continued on an annual basis. Accordingly, factory orders in the country fell by 13.6 percent in July compared to the same period of the previous year. Economists who participated in the Bloomberg survey expected the contraction to be 13.4 percent. Factory orders also fell by 9 percent in June.