German industrial orders shrank for the sixth straight month in July as Europe’s largest economy continues to suffer from the impact of the Russia-Ukraine war.
The country’s economy ministry said on Tuesday that orders for industrial goods in July fell 1.1% on the month in seasonally adjusted terms, citing figures from the federal statistical office. Meanwhile, orders were down 13.6% compared to the same period last year.
Domestic orders in July fell 4.5% while orders from abroad expanded by 1.3%.
The decline in July was worse than estimates predicted by a Reuters poll for a 0.5% down, which came after an upwardly revised 0.3% in June.
According to the economy ministry, industries in Germany are facing problems due to a cooling global economy, materials shortages and rising gas prices while saying that the outlook in the second half of this year remains subdued.