German industrial orders data on Tuesday underlined growing concerns that Europe’s biggest economy is heading towards an economic slowdown, eking out a smaller-than-expected rise and showing a decline in domestic demand, Reuters reported. Contracts for goods “Made in Germany” were up by 0.2% in July, the economy ministry said. That was weaker than a Reuters consensus forecast for a rise of 0.5%. Domestic demand fell by 3% while foreign orders rose by 2.5%, with demand from eurozone countries jumping by 5.9%. It was the first full month of industrial orders data since Britain’s economically unsettling vote to leave the eurozone. “Economic and political uncertainty are dampening order activity around the globe,” VP Bank economist Thomas Gitzel said, adding that Britain’s June 23 vote to leave the EU was only one negative factor among several others. The data for June was revised up to a drop of 0.3% from a previously reported fall of 0.4%. In the less volatile two-month-comparison, orders were down by 0.2% in June and July.
