German industry is feeling the most pressure since the peak of the global financial crisis in 2009, putting Berlin in a difficult position as it preaches tough austerity to its neighbors. Russian sanctions are only exacerbating the economic misery.
Industry orders tumbled 5.7 percent in August from July, the fastest since January 2009 when they dropped 7.7 percent, the Germany Economy Ministry in Berlin said Monday. The drop was much higher than economists at Bloomberg (1.5 percent) and Reuters (2.5 percent) forecast.
Germany factory orders, adjusted for seasonal swings, were 4 percent less in August than in July, the biggest drop since 2009.