Surprise fall in German industrial orders

Surprise fall in German industrial orders”

Industrial production in Germany failed to recover in July from a slide the previous month, official data showed Thursday, with a flat result disappointing analysts' hopes for a return to growth.

Industrial output was unchanged compared with June, as a sharp drop in energy production outweighed small gains in manufacturing and construction, according to Germany's Federal Statistical Office. The data factor out calendar effects. Orders were forecast to climb 0.2 percent in July. Orders from the euro area decreased 1 percent, which was offset by a 0.6 percent rise in incoming orders from other countries. However, total industrial output was still up 4% from July a year ago.

Demand for German-made goods was down across all sectors, with orders for producer goods and capital goods falling by 0.4 percent and 0.7 percent respectively, while there was a 3.0-percent drop in orders for consumer goods. "Some pause in this trend was bound to happen", said analyst Carsten Brzeski of ING Diba bank, pointing also to an unexpected fall in industrial orders in July.

The economy ministry said German companies received as many orders as they had before the outbreak of financial crisis in 2008.

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