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German industrial orders fall on plunging eurozone demand

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German industrial orders fall on plunging eurozone demand

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German factory orders unexpectedly fell in June.

There was a slight rise in domestic demand, which was up by 0.7 percent compared with May, but foreign orders dropped by 1.2 percent.

And demand from eurozone countries plunging by 8.5 percent.

It is not clear how much this is linked to uncertainty over Britain’s vote to quit the European Union.

Analysts believe we will have to wait for July’s numbers to see.

Bayern LB economist Stefan Kipar said: “We’re anxiously awaiting the data for July, when the consequences of the British referendum will be felt. We could then see the first signs of a slowdown,”

The Germany Economy Ministry remains confident though. It said: “The business climate in industry reacted very moderately to the Brexit vote in the UK and remains slightly expansive.” The ministry also pointed out much of the fall was due to a drop in large orders.

This week the German industrial group Siemens reported growth in orders and sales that outpaced those of its main rivals.

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