Finance Associated Press, December 6 (edited by Zhou Ziyi).The German economy, once the most reliable engine that pulled Europe out of recession, now fell more than expected in October, further suggesting that Germany's manufacturing sector will not be able to emerge from the crisis in the short term.
Adjusted data released by Germany's National Statistics Office on Wednesday (December 6) showed that manufacturing orders fell by 3 percent in October from the previous month7%, a much larger decline than economists had estimated, and orders fell by 7 percent in October compared to the same period last year3%。
The data shows thatThe unexpected decline was due to a decline in new orders in major industries, which includes metal products, electrical equipment, and the critical automotive industry. Broken down, orders for machinery and equipment manufacturing fell 13 percent in October5%, which offsets the manufacturing of other transport equipment such as aircraft, ships, trains, etc.202% increase in new orders.
Commerzbank economist Ralph Solveen said, "So far, many companies have made up for the reduction in orders by dealing with backlogs. ”
He added, "However,In the long term, they will not be able to avoid the dilemma of production cuts, which suggests that the German economy will continue to shrink over the winter
There are signs that the prospects for a recovery of German industry in the short term are difficult to realise in the face of weak global demand.
At the end of last month, the German Federal Statistical Office announcedThe country's GDP shrank by 0.0 in the third quarter from the previous quarter1%, a year-on-year contraction of 04%。Economists expect another contraction in GDP in the fourth quarter, which would make Germany the only major economy to fall into a technical recession.
However, the bureau revised orders for September to an increase of 07% vs. 02% positive growth. In addition, new industrial orders rose 0. month-on-month in October, excluding large orders (single orders worth more than 50 million euros).7%。
Finance Associated Press Zhou Ziyi).