Factory orders down 11.8% in Germany year-on-year in June

ISTANBUL

Factory orders in Germany dropped by 11.8% in June on a yearly basis, the federal statistical authority Destatis revealed on Tuesday.

In May, factory orders also fell by 8.7% year-on-year, Destatis' data showed.

On a monthly basis, orders posted first increase after five-month negative term, up by 3.9%.

"The positive development of new orders in manufacturing in June 2024 was mainly attributable to the substantial increase seen in the automotive industry," Destatis said.

Real turnover in manufacturing in June was down 0.9% versus the previous month while 5% lower than in June 2023.