For the second consecutive month, German factory orders declined in September, raising fears that Europe’s largest economy is headed for a recession as it struggles to contain rising energy prices.
And the orders of German factories decreased by 4%last September, compared to the previous month, while the economists, whose Bloomberg News Agency, sought their opinions, expected the decline rate to reach 0.
5%, whereas the adjusted rate of fall in students attending factories in August was 2%.
According to a statement released by the German Federal Statistics Office today, Friday, the volume of domestic demand climbed slightly in September while orders from abroad decreased by 7% on a monthly basis.
The eurozone experienced a drop of 8%, and the rest of the globe saw a drop of 6.3%.
Prices are rising at previously unheard-of rates throughout all of Europe’s factories, which lowers the amount of demand for the products they manufacture. A study of the S&P Global Financial Services revealed that the manufacturing sector in the euro area has already reached the stagnation stage, and that Germany is one of the worst performance countries..
For the second month in a row, orders to German manufacturing decreased in September.
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