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(CEP News) Frankfurt - Reflecting ongoing weakness in domestic and foreign demand, German factory orders fell by an unexpected 6.1% between September and October, significantly outdoing the 0.5% decline expected, the German Economics Ministry said on Friday. Meanwhile, September's monthly figure was revised down from an initial estimate of -8.0% to -8.3%.
In a report issued Friday, the Economics Ministry noted that domestic orders contracted 6.1% on a monthly basis in October, deepening the 4.7% decline in the previous period. Meanwhile, foreign demand declined 6.2% following September's monthly fall of 11.6%. On an annual basis, orders fell 17.3% in October, down from September's 3.0% decline, the ministry noted. Economists had expected a less pronounced decline of 12.1%, while September's figure was revised down from an initial estimate of -2.7%. Disaggregating the data, domestic demand fell 11.2% in October year-over-year, down notably from September's 2.5% gain. However, foreign orders levels suffered even more, falling almost 23% in annualized terms. Written by CEP News European Staff in Frankfurt,
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