ZCZC
BCN-12
GERMANY-ECONOMY-INDICATOR-INDUSTRY
German Nov industrial orders disappoint
FRANKFURT AM MAIN, Jan 7, 2019 (BSS/AFP) – Industrial orders in Germany
fell more sharply than expected in November, official data showed Monday,
adding to an emerging picture of softer growth in the final quarter of 2018.
Businesses reported new contracts down 1.0 percent month-on-month, federal
statistics authority Destatis said.
Analysts surveyed by data firm Factset had forecast a much less abrupt
slowdown of just 0.1 percent.
Excluding large orders for items such as aircraft, which often swing
sharply from month to month, the fall still came in at 0.8 percent.
Companies reported that orders from domestic customers rose 2.4 percent but
foreign orders fell 3.2 percent.
All of the downturn was accounted for by an 11.6-percent plunge in demand
from Germany’s eurozone neighbours, while orders from the rest of the world
grew 2.3 percent.
Firms making both consumer and producer goods reported fewer contracts,
with falling demand at home, in the eurozone and in the rest of the world.
But a 14.1-percent slump in orders from the eurozone braked strong
increases in demand for capital goods in Germany and countries outside the
single currency area.
In a statement, the economy ministry in Berlin highlighted strong growth in
eurozone orders in October before they fell back in November.
On average, new contracts were still higher in October-November than in the
previous three months, it said.
Meanwhile “the high stock of orders suggests that the situation for
industry will continue to pick up, although with more moderate momentum,” it
added.
BSS/AFP/HR/1345