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Overseas demand shrinks significantly, German manufacturing orders unexpectedly fell 2.9% in June
Data released by the German Economy Ministry on Wednesday (August 6) showed that manufacturing orders unexpectedly fell by 2.9% in June due to a marked contraction in overseas demand. Manufacturing orders fell for the seventh straight month in June and the longest such streak since German reunification in October 1990. That figure was lower than even the most pessimistic expectations. According to the median forecast of economists polled by a well-known media last week, German manufacturing orders rose by 0.4% in June. Expectations range from a decline of 1.5% to an increase of 3.0%. 'The recent decline in manufacturing orders continues,' the German economy ministry said in a statement. The contraction in overseas demand has been stronger than the contraction in domestic demand, and the outlook for industrial output has deteriorated further. 'In June, the monthly rate of overseas orders decreased by 5.1%, and domestic orders decreased by 0.6%. In addition, in the second quarter as a whole, manufacturing orders fell 4.1% from the previous three months.