Germany – Factory orders disappoint

Incoming factory orders for the German industry fell by 5.4% in November compared to the previous month.

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Dr Vincent Stamer

Commerzbank Economic Research

01/08/2025

In particular, the positive trend of recent months in big ticket orders has not continued and these orders fell noticeably. Without the big ticket orders, however, there are signs of a bottoming out at a low level. A recovery in the situation of German manufacturing is still not in sight.

In November, incoming orders for German industry fell by 5.4% compared to the previous month, after already falling marginally in October. This means that a slightly positive trend in autumn has finally come to an end. However, a large part of the decline in November is due to weaker big ticket orders. These major orders also create added value in the German economy, of course, but major orders are only processed with a time lag. Excluding these major orders, incoming orders have at least stabilised further and rose by 0.2%. This indicates that orders are bottoming out at a low level overall.

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