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German factory orders unexpectedly decline in June on slump in euro-area demand
Factory orders in Germany unexpectedly declined during the month of June, following a slump in demand for investment goods within the eurozone area, in the run-up to Britain’s referendum on European Union membership.
Orders, adjusted for seasonal swings and inflation, fell 0.4 percent from May, when they rose a revised 0.1 percent, data released by the Ministry of Economy Friday, marking the third consecutive month of decline in demand that remained below economists’ estimates. The median in a Bloomberg survey was for an increase of 0.5 percent. Orders dropped 3.1 percent from a year earlier.
Further, euro-area orders fell 8.5 percent in June from the previous month, with demand for investment-goods down 13.6 percent, the data showed. Domestic demand increased 0.7 percent and orders from outside the euro area gained 3.8 percent.
"Manufacturing orders showed little dynamic in the first half of the year. Business confidence reacted very moderately to the Brexit vote in the U.K. and remains slightly expansionary" Bloomberg reported, citing the Ministry of Economy.
Meanwhile, Germany’s Bundesbank said that the Brexit vote has merely lent a ray of hope to the German economy, barely changing the fundamental outlook for a pick-up in growth next quarter. Also, company executives remain less optimistic over the business outlook in the economy.