German factory orders drop in June

German factory orders dropped in June, mainly due to weak demand from abroad, official data showed on Friday.

In June, German factories received 0.4 percent fewer new orders than in May, said German federal statistics office Destatis.

Domestic orders increased by 0.7 percent, while foreign orders decreased by 1.2 percent month on month. Orders from within the euro zone dropped sharply by 8.5 percent.

In the second quarter, new orders decreased by 0.5 percent from the first three months of 2016.

"The orders in manufacturing showed little momentum in the first half year," said German Economy Ministry in a statement. "The business climate in the manufacturing sector reacted very moderately to the Brexit vote in the UK and remains slightly expansionary." Endit