Press "Enter" to skip to content

Germany’s industrial orders crash as foreign demands drop

German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3 percent on the month on a seasonally and calendar adjusted basis, the federal statistics office said.

A Reuters poll of analysts had pointed to a 0.5 percent fall, after a downwardly revised rise of 0.6 percent in October.

Orders from eurozone countries slumped by 10.3 percent on the month, while those from outside the eurozone fell by 6.8 percent.

“This shows how strongly the high energy prices are
weighing on the eurozone,” said VP Bank chief economist Thomas

The development shows that “industry is going through a
difficult winter, even though companies’ business expectations
have improved recently,” said the economy ministry.

A survey by the Ifo economic institute found that 50.7 percent of companies in the manufacturing sectors reported
problems with material shortages in December, down from 59.3 percent the month before.

The statistics office publishes a statement with more
economic data.

READ MORE: Germany suffers highest inflation level in over 70 years

More from BusinessMore posts in Business »

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *