Core Insights - Germany's industrial new orders increased by 1.1% month-on-month in September, ending a four-month decline trend [1] - In Q3, industrial new orders decreased by 3% year-on-year [1] - Domestic new orders fell by 2.5% month-on-month, while foreign new orders rose by 3.5% [1] Domestic and Foreign Orders - Domestic new orders decreased by 2.5% month-on-month in September [1] - Foreign new orders increased by 3.5% month-on-month, with orders from the Eurozone and outside the Eurozone rising by 2.1% and 4.3% respectively [1] Sector Performance - The growth in new orders was primarily driven by the automotive industry and electrical equipment manufacturing, which saw month-on-month increases of 3.2% and 9.5% respectively [1] - In contrast, demand in energy-intensive sectors weakened, with new orders in the metal products manufacturing sector declining by 19% month-on-month [1] Year-on-Year Trends - Adjusted for working days, industrial new orders in September decreased by 4.3% year-on-year [1] Economic Outlook - The German Federal Ministry for Economic Affairs and Energy noted that the recent volatility in domestic and foreign orders makes it difficult to determine a clear trend in industrial demand [1] - The ministry highlighted that ongoing geopolitical uncertainties contribute to the fragility of industrial demand in Germany [1]

Core Viewpoint - Germany's industrial new orders showed a month-on-month increase of 1.1% in September, ending a four-month decline, although the third quarter saw a year-on-year decrease of 3% [1] Group 1: New Orders Data - In September, domestic new orders in Germany decreased by 2.5% month-on-month, while foreign new orders increased by 3.5%, with orders from the Eurozone and outside the Eurozone rising by 2.1% and 4.3% respectively [1] - The growth in new orders for September was primarily driven by the automotive industry and electrical equipment manufacturing, which saw month-on-month increases of 3.2% and 9.5% respectively [1] - In contrast, demand in energy-intensive sectors weakened, with new orders in the metal products manufacturing sector declining by 19% month-on-month [1] Group 2: Year-on-Year Comparison - Adjusted for working days, industrial new orders in September experienced a year-on-year decline of 4.3% [1] Group 3: Economic Outlook - The German Federal Ministry for Economic Affairs and Energy noted that due to significant fluctuations in domestic and foreign orders in recent months, it is currently difficult to determine a clear trend in industrial demand [1] - The ministry also highlighted that ongoing geopolitical uncertainties contribute to the fragility of industrial demand in Germany [1]

Core Insights - In September, Germany's industrial new orders increased by 1.1% month-on-month, slightly above the market expectation of 1.0% [1] - The August data was revised from an initial decline of 0.8% to a decline of 0.4% [1] Industry Performance - The automotive manufacturing sector saw a month-on-month increase in new orders of 3.2% [1] - The electrical equipment manufacturing sector experienced a significant order increase of 9.5% [1] - These two sectors were the main contributors to the overall recovery in industrial demand [1] Sector Challenges - The metal products manufacturing sector faced a substantial month-on-month decline of 19.0%, which partially offset the overall growth momentum [1] - The decline in the metal products sector was attributed to the previous month's large orders, which led to a significant drop in September's data [1]

Core Insights - Croatia's industrial finished goods inventory increased by 1.7% month-on-month and 5.2% year-on-year as of the end of July 2025 [1] Inventory Breakdown - The largest monthly increase in inventory was seen in energy products, which rose by 19.8% [1] - Durable goods inventory grew by 5%, capital goods by 1.1%, and non-durable goods by 0.1%, while intermediate products saw a decrease of 0.6% [1] - Year-on-year, non-durable goods inventory increased by 10.9%, and intermediate goods by 5.9%, whereas capital goods inventory decreased by 23.9%, and both durable goods and energy inventories fell by 3.7% [1] Sector Analysis - Mining and quarrying inventory rose by 1.8% month-on-month and 1.5% year-on-year [1] - Manufacturing inventory increased by 1.6% month-on-month and 5.5% year-on-year [1] - The largest monthly inventory increase in manufacturing was in coke and refined petroleum products (+32.1%), followed by chemicals and chemical products (+13.7%), and metal products (excluding machinery and equipment) (+11.5%) [1] - The most significant monthly inventory decreases were in the manufacture of motor vehicles, trailers, and semi-trailers (-21.7%) and tobacco products (-13.5%) [1] - Year-on-year, the largest inventory increase in manufacturing was in the automotive sector, which saw a tenfold increase, while the largest decrease was in machinery manufacturing, which fell by 65.6% [1]

Core Insights - In June, Germany's industrial new orders decreased by 1% month-on-month, influenced by reduced demand in the automotive sector and other areas [1] - The second quarter saw a month-on-month increase of 3.1% in industrial new orders [1] Domestic and Foreign Orders - Domestic new orders in Germany increased by 2.2% month-on-month, while overall new orders decreased by 3% [1] - New orders from the Eurozone rose by 5.2%, whereas orders from outside the Eurozone fell by 7.8% [1] Sector-Specific Performance - The decline in new orders was primarily concentrated in the transportation equipment manufacturing sector, which saw a month-on-month drop of 23.1% [1] - The automotive industry and metal products manufacturing experienced month-on-month decreases of 7.6% and 12.9%, respectively [1] - Conversely, the electrical equipment manufacturing sector reported a month-on-month increase of 23.5% in new orders [1] Year-on-Year Comparison - After adjusting for working days, Germany's industrial new orders showed a year-on-year increase of 0.8% in June [1] Economic Outlook - The German Federal Ministry for Economic Affairs and Energy noted that ongoing global trade policy and geopolitical uncertainties have led to significant fluctuations in industrial demand [1] - Although there was a slight improvement in export expectations for German companies in July, the anticipated long-term high tariffs on exports to the U.S. may negatively impact the future of Germany's industrial economy due to weak foreign demand [1]

Core Insights - In June, Germany's industrial new orders decreased by 1% month-on-month, influenced by reduced demand in sectors such as the automotive industry [1] - Domestic new orders increased by 2.2%, while foreign new orders fell by 3% [1] - New orders from the Eurozone rose by 5.2%, but those from outside the Eurozone dropped by 7.8% [1] Industry Performance - The decline in new orders was primarily concentrated in the transportation equipment manufacturing sector, which saw a significant drop of 23.1% [1] - The automotive industry experienced a decrease in new orders by 7.6%, while the metal products manufacturing sector saw a decline of 12.9% [1] - Conversely, the electrical equipment manufacturing sector reported a notable increase in new orders by 23.5% [1] Year-on-Year Comparison - Adjusted for working days, Germany's industrial new orders showed a year-on-year growth of 0.8% in June [1] Economic Context - The German Federal Ministry for Economic Affairs and Energy indicated that ongoing global trade policies and geopolitical uncertainties have led to significant fluctuations in industrial demand [1] - Although there was a slight improvement in export expectations for July, the anticipated long-term high tariffs on exports to the U.S. may continue to negatively impact Germany's industrial economy due to weak foreign demand [1]