German Industrial Orders Down As Domestic Demand Falls


German industrial orders down as domestic demand falls

Frankfurt, June 7 (UrduPoint / Pakistan Point News - 7th Jun, 2021 ) :German industrial orders unexpectedly fell for the first time in four months in April as domestic demand dropped, official data showed Monday.

Orders were down 0.2 percent compared to 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 percent compared April 2020, 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 percent in April after sharp growth the previous month, while foreign orders rose 2.7 percent.