German factory orders continued to decline in September, increasing fears that Europe’s largest economy might slide in recession due to rising energy costs.
Demand fell 4% in September month-over-month, a steeper drop than the median estimate of 0.5% in a Bloomberg poll.
The drop in orders also accelerated in September compared to August, when the drop was 2%.
The worse-than-expected decline was driven by a 7% drop in foreign orders, the German statistical office said, with orders from the euro zone in 8% drop, compared to a 6.3% drop from other countries.
Domestic demand grew only slightly.
Read More About: Business News