Germany’s factory orders dropped unexpectedly in April due to weak domestic demand, data from Destatis revealed on Monday.
Manufacturing orders dropped 0.2 percent month-on-month in April, in contrast to the 3.9 percent increase seen in March and economists’ forecast of +1.0 percent.
Excluding major orders, real new orders in manufacturing were 1.5 percent higher than in the previous month.
Domestic orders decreased 4.3 percent, while foreign orders went up by 2.7 percent on the previous month. New orders from the euro area gained 0.7 percent, and new orders from other countries rose 3.8 percent.
On a yearly basis, new orders growth surged to 78.9 percent from 29.2 percent in the previous month. Data showed that manufacturing turnover dropped 2.6 percent from the prior month, when it was up 3.1 percent.