German Factory Orders Fall Unexpectedly

(RTTNews) - Germany's factory orders declined unexpectedly in June on falling foreign demand, figures from Destatis revealed on Wednesday.

New orders fell 1.0 percent 1.0 percent month-on-month in June, confounding expectations for an increase of 1.0 percent. The fall was also sharper than the 0.8 percent decrease posted in May.

When large-scale orders are excluded, new orders were 0.5 percent higher than in the previous month.

Foreign orders declined 3.0 percent in June. Here, orders from the euro area were up 5.2 percent, while orders from outside the euro area plunged 7.8 percent. Domestic orders grew 2.2 percent. On a yearly basis, growth in factory orders eased sharply to 0.8 percent from 6.1 percent in the previous month.