Financial News: German Factory Orders Fall Unexpectedly

German Factory Orders Fall Unexpectedly

(RTTNews) - Germany's factory orders posted an unexpected fall in March due the decrease in domestic demand, data from Destatis revealed on Tuesday.

Factory orders decreased 0.4 percent on a monthly basis, confounding expectations for an increase of 0.4 percent. Nonetheless, the pace of decrease slowed from the revised 0.8 percent drop logged in February.

The statistical office revised the February's rate of change from +0.2 percent.

New orders for capital goods and intermediate goods were down 0.4 percent each. Meanwhile, the consumer goods sector reported an increase of 0.7 percent.

Foreign orders grew 2.0 percent driven by the 10.6 percent surge in demand from the euro area. By contrast, orders from the non-euro area dropped 2.9 percent.

At the same time, domestic orders declined 3.6 percent from the prior month.

On a yearly basis, the decline in factory orders slowed to 1.9 percent from 8.8 percent in the previous month.

Further, data showed that real manufacturing turnover fell 0.7 percent month-on-month, following a 1.1 percent increase in February.

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