Sep 06, 2022 02:46AM ET
By:AnalysisWatch
The Economy Ministry said Tuesday that German industrial orders fell for the sixth straight month in July as the war in Ukraine continues to take its toll on Europe's largest economy.
Orders for industrial goods fell 1.1% in the month on a seasonally adjusted basis, according to figures from the federal statistics office. Compared with July 2021, orders were down 13.6%.
The cooling global economy, material shortages, and rising prices are causing problems for the industry.
According to the Economy Ministry, the outlook for the second half remains bleak.
According to the statistics office, domestic orders fell by 4.5% in July, while orders from abroad grew by 1.3%, according to the statistics office.
"The fact that the minus is coming exclusively from the domestic market is appropriate; after all, Germany is facing an energy crisis," said Commerzbank chief economist Joerg Kraemer.