German Factory Orders Fall On Foreign Demand
Germany's factory orders declined unexpectedly in March on weak
foreign demand, figures from Destatis revealed Monday.
Factory orders dropped 0.9 percent month-on-month in March,
bigger than the revised 0.2 percent decrease in February. Orders
were expected to climb 0.5 percent after falling for three straight
months.
Domestic orders rebounded 1.5 percent, while foreign demand fell
2.6 percent in March.
Excluding major bookings, new orders decreased 0.1 percent on
the month in March.
On a yearly basis, growth in factory orders rose slightly to 3.1
percent from 3 percent in February. Economists had forecast orders
to grow 5 percent in March.
Data showed that manufacturing turnover gained 0.4 percent on
the month in March, in contrast to a revised 2.4 percent drop in
February.
The economy ministry said despite the slight slowdown in first
quarter orders, industrial activity is likely to remain upward.
Commerzbank analyst Ralph Solveen said after what is probably a
rather weak first quarter, the economy should continue to grow more
slowly in the further course of the year than in the previous year,
even if the upswing is not yet over.
Elsewhere, the Purchasing Managers' survey from IHS Markit
showed that Germany's construction activity returned to growth in
April after severe weather had caused disruption to building work
at the end of the first quarter.
The construction Purchasing Managers' Index rose to 50.9 in
April from 47.0 in March.
The sector had contracted for the first time in over three years
in March. Although the score remained above 50, this was the
second-lowest seen for just under two years.
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