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Financial News: German Factory Orders Fall Most Since 1991 On

German Factory Orders Fall Most Since 1991 On Covid-19

06/05/2020 - 02:23:00 (RTTNews)

(RTTNews) - Germany's manufacturing orders declined at a record pace in April, extending the trend from the previous month, as the coronavirus pandemic hurt demand severely, preliminary figures from the statistical office Destatis showed on Friday. New orders in manufacturing fell a seasonally and calendar-adjusted 25.8 percent from March, when they declined 15 percent, which was revised from 15.6 percent. Economists had forecast a 19.7 percent slump. This is the largest decline since the beginning of the time series in January 1991, Destatis said. On a year-on-year basis, factory orders decreased a calendar-adjusted 36.6 percent year-on-year after a revised 15.4 percent decline in March. Excluding major orders, manufacturing new orders decreased a seasonally and calendar-adjusted 25.1 percent from the previous month. Domestic orders decreased 22.3 percent and demand from foreign market fell 28.1 percent month-on-month.

New orders from the euro area plummeted 30.6 percent, and those from other countries decreased 26.7 percent.

Intermediate goods new orders tumbled 22.7 percent and demand for capital goods declined 30.6 percent. New orders for consumer goods dropped 11.4 percent. Turnover in manufacturing decreased a seasonally and calendar-adjusted 22.8 percent from March, when it fell 10.9 percent that was revised from 11.5 percent.

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