Allemagne Commandes de l'industrie

Factory orders in Germany shrank 2.9% mom in July 2025, missing market forecasts of a 0.5% growth and following a downwardly revised 0.2% drop in the prior month. It was the third straight monthly decline and the steepest pace since January, largely due to a 38.6% slump in orders for aircraft, ships, trains, and military vehicles after June’s surge in large-scale contracts. Demand also weakened for electrical equipment (-16.8%), while automotive orders rose 6.5%. Orders fell for capital goods (-2.4%) and intermediate goods (-5.3%) but rose for consumer goods (+4.3%). Foreign demand dropped 3.1%, with falls from both non-euro area (-3.8%) and within the bloc (-2.8%), while domestic orders dipped 2.5%. Excluding large-scale contracts, demand rose 0.7%. On a less volatile three-month average, factory orders edged up 0.2% between May and July, helped by front-loaded demand ahead of U.S. tariff hikes and signs of stabilization in manufacturing across Germany and the broader euro zone.