The number of new orders received by German manufacturing companies fell in October, as Germany's sluggish economy struggles to keep itself out of recession, the Federal Statistical Office (Destatis) said on Thursday, also noting that orders were significantly below 2018 levels
MOSCOW (Pakistan Point News / Sputnik - 05th December, 2019) The number of new orders received by German manufacturing companies fell in October, as Germany's sluggish economy struggles to keep itself out of recession, the Federal Statistical Office (Destatis) said on Thursday, also noting that orders were significantly below 2018 levels.
According to data collected by Destatis, the number of manufacturing orders in October fell 0.4 percent compared to September. Crucially, the number of orders is 5.5 percent below the same month a year earlier, the statistical office specified.
Crucially, the bulk of the lost orders were from the German market. According to Destatis, domestic orders in October decreased by 3.2 percent, highlighting that Germany's economic struggles are affecting a range of sectors.
According to Destatis's index of new orders in manufacturing, the domestic demand for German manufactured goods has reached its lowest levels since November 2012.
The latest figures are another warning for the European Union's largest economy. In August, a leaked government document seen by Der Spiegel magazine predicted Germany's slide into recession in the third quarter of this year.
"Germany continues to be the epicenter of the area-wide manufacturing recession, as industrial production remains in contraction and economic sentiment deteriorates," a World Bank report published on Wednesday stated.
German Chancellor Angela Merkel has blamed Brexit and escalating trade wars, particularly between the United States and China, for Germany's sluggish economic performance. In the second quarter of 2019, German GDP sank by 0.1 percent compared to the previous quarter, a Destatis report stated.
