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Financial News: German Factory Orders Decline At Record Pace

German Factory Orders Decline At Record Pace

05/06/2020 - 02:15:00 (RTTNews)

(RTTNews) - Germany's factory orders declined the most since the records began in 1991, due to the coronavirus pandemic, data published by Destatis revealed Wednesday.

Factory orders declined sharply by 15.6 percent on a monthly basis in March, much bigger than the 1.2 percent drop logged in February.

This was the biggest fall since January 1991. Economists had expected a 10 percent decrease.

Domestic orders decreased 14.8 percent and foreign orders fell 16.1 percent in March from the previous month.

On a yearly basis, factory orders were down 16 percent, in contrast to a 1.9 percent rise in February. Data showed that turnover in manufacturing declined 11.5 percent month-on-month in March versus an increase of 0.5 percent in February.

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