German factory orders fall more than expected in December

German factory orders fall more than expected in December

February 5, 2021 0 By boss

New statistics show German factory orders fell more sharply than expected in December, suggesting recent coronavirus lockdown measures are starting to impact industry in Europe’s largest economy

Industrial orders fell 1.9% in December over the previous month, following a slightly upwardly revised 2.7% increase in November, the Federal Statistical Office reported.

Economists had forecast a 1% decline for December.

Domestic orders decreased by 0.9% while foreign orders dropped by 2.6% in December. New orders from the eurozone fell 7.5%, while those from other countries increased by 0.5%.

The decline was the first in Germany after seven consecutive monthly increases, noted ING economist Carsten Brzeski.

Compared with February 2020, the month before the first restrictions were imposed in Germany due to the coronavirus pandemic, new orders in December 2020 were 2.6% higher in seasonally and calendar adjusted terms, the statistical office said.

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