FRANKFURT – German industrial orders unexpectedly fell for the first time in four months in April as domestic demand dropped, official data showed today.
Orders were down 0.2% compared with March, according to federal statistics office Destatis, though analysts surveyed by financial data firm Factset had expected another month of growth.
On an annual basis, however, new orders surged by 79% compared with April last year, when they dropped to their lowest level on record as economic activity shut down due to the coronavirus pandemic.
Industrial orders are closely watched as a key indicator of future economic activity, especially in manufacturing powerhouse Germany.
Germany’s economy shrank in the first quarter as restrictions were imposed to counter a winter surge in Covid-19 cases.
Domestic orders fell by 4.3% in April after sharp growth the previous month, while foreign orders rose 2.7%. – AFP, June 7, 2021
