News

German factory orders down by 2.0 per cent in April

BERLIN – Factory orders in Germany have dropped sharply in April adding to worries about stagnation in the German industry.

The Federal Statistical Office said Monday that new orders in manufacturing decreased by 2.0 per cent in April compared to the previous month. It also adjusted March’s rise to an increase of 2.6 per cent over February, compared to the 1.9 per cent rise initially reported.

April’s decrease was caused by a 4.3 per cent drop in foreign orders, primarily from outside the eurozone, while domestic orders increased by 1.3 per cent. Orders from outside the euro area decreased by 8.3 per cent compared to the previous month.

ING-DiBa economist Carsten Brzeski said the figures “add to evidence of continued stagnation in the German industry.”