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German factory orders decline for third consecutive month in September

Xinhua, November 5, 2015 Adjust font size:

New orders received by German factories declined for the third consecutive month in September, official data showed on Thursday, sending a signal that the German growth might remain sluggish in coming months.

Compared with the previous month, German factory orders fell by 1.7 percent in September, said German federal statistic office Destatis.

It was the third straight month that saw a decline of new orders. In August, the factory orders was down by 1.8 percent month-on-month, following a drop of 2.2 percent in July.

Throughout the third quarter, German factories received 2.8 percent fewer orders than in the three months to June.

New orders from the domestic market increased by 0.3 percent and those from the euro zone were up by 0.9 percent. Orders from other countries, however, went down by 8.6 percent quarterly.

"Overall, new orders in the manufacturing sector are currently experiencing a drought," said German Economy Ministry in a statement, attributing the drop to weak demand from countries outside the euro zone.

"The demand from the domestic market and the euro area is still in a moderate upward trend, and supporting the industrial activity," the ministry said.

Economists said it was premature to be panic about the outlook of German growth. However, the fact that new orders fell for three months in a row sent a signal that Europe's biggest economy would remain sluggish in coming months.

The German government has cut its 2015 growth forecast to 1.7 percent, expecting private consumption to be the main driving force.

Earlier this week, Federation of German Industries (BDI) warned that current economic growth was not sustainable enough, and urged the government to create a better environment for private and public investment. Endit