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Financial News: German Factory Orders Fall Unexpectedly

German Factory Orders Fall Unexpectedly

06/06/2024 - 02:49:00 (RTTNews)

(RTTNews) - Germany's factory orders fell unexpectedly in April largely due to the sharp contraction in orders for other transport equipment, data from Destatis showed on Thursday.

Factory orders dropped 0.2 percent month-on-month in April, confounding expectations for an increase of 0.3 percent. Nonetheless, this was slower than the revised 0.8 percent fall posted in March.

When large-scale orders were excluded, new orders advanced 2.9 percent from the previous month.

There was a sharp 15.4 percent decrease in orders for other transport equipment. The manufacture of computer, electronics and optical products reported a 5.1 percent fall and that of electrical equipment was down 4.1 percent.

Foreign orders slid 0.1 percent as orders from the euro area declined 1.4 percent. On the other hand, orders from the non-euro area grew 0.6 percent. Further, domestic orders registered a 0.3 percent drop.

On a yearly basis, the decline in new orders slowed to 1.6 percent from 2.4 percent in March.

Data showed that real turnover in manufacturing decreased 0.9 percent on a monthly basis after a revised 0.4 percent drop in the prior month.

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