Germany’s industrial orders crash as foreign demands drop
Fast News
Orders from countries in the eurozone dropped by 10.3 percent in November while it saw a 6.8 percent decline from global markets.
(Reuters Archive)
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
Gitzel.
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
Source: Reuters
Fast News
Orders from countries in the eurozone dropped by 10.3 percent in November while it saw a 6.8 percent decline from global markets.
(Reuters Archive)
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
Gitzel.
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
Source: Reuters
Denial of responsibility! Techno Blender is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.