German factory orders unexpectedly fall in April
By Michele Maatouk
Date: Tuesday 07 Jun 2022
(Sharecast News) - German factory orders unexpectedly fell in April amid supply chain issues, according to figures released on Tuesday by Destatis.
Factory orders declined by 2.7% on the month following a revised 4.2% drop in March, missing expectations for a 0.3% increase. This marked the third straight monthly decline and was driven by a fall in foreign orders, which slumped 4% on the month following a 5.8% drop in March. Domestic orders were down 0.9% on the month.
March's figure was revised up a little from an initial estimate of a 4.7% drop.
On the year, factory orders were down 6.2%.
Destatis said: "The increased uncertainty caused by the Russian invasion of Ukraine continues to lead to weak demand, especially from abroad. However, companies still have well filled order books."
Naeem Aslam, chief market analyst at Ava Trade, said the figures confirm "economic conditions are becoming dire for the largest economy of the Eurozone".
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