German industrial orders go into reverse in October

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German industrial orders dropped significantly in October after a revival in September, official figures showed Monday, as continuing supply issues bedevilled industry.

The federal statistics office Destatis calculated that industrial orders in Europe’s largest economy fell by 6.9 percent in October compared with the previous month, after a small 1.8 percent rise in September.

The indicator, which gives a foretaste of industrial production, was also down one percent on the previous year, the first annual fall since September 2020.

Orders for capital goods fell 10.7 percent, while those for intermediate goods fell 2.7 percent compared with the previous month.—AFP

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