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German Factory Orders Dropped Sharply by 7.7% MoM in August

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Made in Germany silver badge and icon with central glossy German flag symbol and stars

The German Factory Orders plunged more than expected in August, signaling that the recovery in the manufacturing sector of Europe’s economic powerhouse has lost pace.

Source: Trading Economics

DAX down -2.07%, EUR USD down -0.41%

Contracts for goods ‘Made in Germany’ reached at -7.7% on the month vs. -2.1% targeted and 4.9% last.

Orders for motor vehicles and parts dropped by 12%, and metal production and processing dropped by 9.6%.

Domestic orders fell by 5.2%, and foreign orders fell by 9.5%. Meanwhile, the factory orders were 8.5% higher compared to February 2020, the period before the start of the COVID-19.

On an annualized basis, Germany’s Industrial Orders increased by 11.7% in the latest reported month vs. 26.1% previous and expected growth of 33.7%. The figure outpaced expectations by a huge margin.

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