2nd qtr off to a weak start for German mfg
German factory orders, an important indicator for Europe's biggest economy, dipped in April after a big drop in March, official figures showed Tuesday.
image for illustrative purpose
Berlin German factory orders, an important indicator for Europe's biggest economy, dipped in April after a big drop in March, official figures showed Tuesday.
The data pointed to a disappointing start to the second quarter. The Economy Ministry said orders were down 0.4 per cent compared with the previous month. That followed a painful 10.9 per cent drop in March.
Economists had expected an increase in April, but the ministry said the figure was influenced in part by fluctuations in bulk orders. While domestic orders were up 1.6 per cent in April, there was a drop in foreign demand - particularly in orders from elsewhere in the 20-nation eurozone, which were 2.7 per cent lower. The orders data followed the release on Monday of lacklustre export figures for April.
They showed exports increasing by 1.2 per cent on the month after a 6 per cent drop in March. In late May, Germany's national statistics office said that the economy shrank in the first three months of this year, marking the second consecutive quarter of contraction that is one definition of recession.
Germany's gross domestic product, or GDP, declined by 0.3 per cent in the period from January to March.
