MOSCOW, October 6 (RIA Novosti) - German industrial orders are seeing their biggest slump since the recession started in 2009, Germany's Economic Affairs and Energy Ministry said in a statement Monday.
"The quantity of orders was developing positively in July, whereas in August it was developing negatively, which was affected by late school holidays. It had a particular impact on the manufacturing of trucks and spare parts for trucks [in August – minus 10.9 percent]," the statement said.
According to the statement, German industrial orders fell by 5.7 percent in August compared to July, with experts having forecast just a 2.4 percent drop. What's more, the quantity of orders from non-eurozone countries fell by 8.4 percent, whereas the German market placed orders by two percent less.
Total annual industrial orders have fallen by 1.3 percent against analyst forecasts of 2.6 percent.
In the meantime, the volume of the orders weakened in light of the economic slowdown in the eurozone and the depression of the economy caused by geopolitical events.
Germany's Economic Affairs and Energy Ministry is, however, hopeful that the situation will take a positive turn in the future.
"As soon as the depression decreases, a rise will start again," the ministry added.
It is reported that the growth of Germany's GDP in 2014 will also be less than the 1.8 percent forecast, projected to form about 1.5 percent.
