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DE: Manufacturing Orders
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Month over Month | -1.0% | -1.5% to -0.6% | -10.6% | 2.5% | 3.2% |
| Year over Year | 13.1% | 12.2% to 13.6% | 3.0% | 13.0% | 14.0% |
Highlights
Germany’s manufacturing orders fell by 10.6 percent in August 2026, reversing July’s revised 3.2 percent revised increase. However, the headline contraction exaggerates the deterioration in underlying demand as orders excluding large-scale contracts declined by just 0.1 percent. The downturn largely reflects a correction in other transport equipment, where orders plunged by 61.5 percent following July’s exceptional surge.
Nevertheless, weaknesses extended beyond this volatile sector. Capital goods orders fell by 15.3 percent, while consumer and intermediate goods declined by 7.3 percent and 2.6 percent, respectively, suggesting subdued investment commitments and softer demand across manufacturing. Domestic orders contracted by 17.3 percent, considerably exceeding the 5.4 percent decline in foreign orders and pointing to particular weakness in the home market.
Annual order growth remained positive at 3.0 percent, although substantially below July’s revised 14.0 percent. Meanwhile, unchanged monthly turnover and a modest 0.9 percent annual increase suggest that current manufacturing sales remain relatively stable despite weaker incoming orders.
In summary, August represents a correction dominated by exceptional contracts, alongside broader demand fragility. Sustained weakness in new orders could constrain future production, although one month’s figures do not establish a persistent downturn. These latest updates take the RPI to minus 2 and the RPI-P to minus 14, meaning that economic activities continue to align with market expectations in Germany based on the RPI.
Market Consensus Before Announcement
Orders expected to fall back by 1.0 percent on the month in August after surging by 2.5 percent in July from June.
Definition
Manufacturers orders are a leading indicator for industrial production. The figures are calculated every month by the Federal Statistical Office and represent the value of all orders for the delivery of self-made products confirmed by industrial enterprises with 50 or more employees in the respective reporting period. The results are broken down by both sector and region of origin (domestic and foreign split into euro area and non-euro area). Monthly volatility can be very high so moving averages give a much better guide to underlying trends.
Description
Manufacturers orders data are keenly awaited by analysts each month. The data present a detailed breakdown by various sectors and a reading of the pulse of a major sector of the economy. Like the PPI, manufacturing orders data exclude construction, which is the preferred Eurostat measure.
The manufacturers orders data rank among the most important early indicators for monitoring and analyzing German economic wellbeing. Because these data are available for both foreign and domestic orders they are a good indication of the relative strength of the domestic and export economies. The results are compiled each month in the form of value indexes to measure the nominal development of demand and in the form of volume indexes to illustrate the price-adjusted development of demand. Unlike in the U.S., orders data are not collected for all manufacturing classifications - but only those parts in which the make-to-order production plays a prominent role. Not included are, for example, mining, quarrying and the food industry.