On a seasonally adjusted basis, factory orders in Europe’s biggest economy fell 1.3 percent from the prior month, which fell by an upwardly revised 2.2 percent pace. Analysts forecast a gain of 1.2 percent gain.
Annually, German factory orders fell 2.0 percent, while analysts called for a slight improvement of 0.1 percent. Factory orders fell by a revised 0.3 percent pace on an annual basis in April.
The May results were generally unchanged from the previous month, as soft domestic demand resulted to a fall in overall orders. Domestic orders slumped 2.0 percent on the month after a 3.2 percent decline in April. Foreign orders recorded a 0.7 percent fall from the previous month partially because of the 3.9 percent decline in euro-zone orders which erased a 1.1 percent rise in demand from countries outside the currency bloc.
The June final manufacturing PMI was also below estimates, falling to 48.6 from 49.4 in May, while analysts had predicted it to hit 48.7 points, according to a Markit report released earlier this week.
In 2012, Germany’s posted a 0.7 percent rise in gross domestic product (GDP) from a year ago as the economy was prevented from growing faster by slowing economic activity and falling exports.
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