Germany industrial orders fall 2.2% in July - ministry

07 September 2010 15:25  [Source: ICIS news]

TORONTO (ICIS)--Germany’s industrial orders fell 2.2% in July from June, after a revised 3.6% increase in June from May, the country’s economics ministry said on Tuesday.

The decline is a sign of slowing growth rates after a strong second-quarter for Europe’s largest economy.

The ministry said July’s sequential decline was largely due to below-average “big ticket” orders which hit producers in the investment goods sector.

On a two-month sequential comparison – June/July versus April/May – orders were up 2.4%, largely driven by orders from abroad, the ministry said.

Compared with June/July 2009, orders were up 21.2%.

Meanwhile, Germany’s chemical employers warned against euphoria from the “unexpectedly strong” recovery in the industry.

The recent double-digit year-over-year growth in sales and production came against weak 2009 comparison periods, and continued growth at such rates could not be taken for granted, said Wiesbaden-based chemical employers trade group BAVC.

The group warned of continued challenges to the global and the German economy, including the effective regulation of financial markets, high government debts, and pressures on the economy from government’s efforts to cut debts.

Last week, Germany’s chemical employers group VCI projected full-year chemical production growth of 11.0%, compared with its earlier forecasts of 8.5%.

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By: Stefan Baumgarten
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