
German industrial orders, a key measure of demand for goods in Europe's top economy, fell again in February, the economy ministry said Wednesday, disappointing analysts who had hoped for a rebound.
Provisional official data showed a 0.9-percent month-on-month decline, following a sharp 2.6-percent drop in January, according to revised figures.
Analysts polled by financial services firm FactSet had pencilled in growth of 1.5 percent for February.
For the three-month period covering December, January and February, which economists say provides a more accurate picture, factory orders rose 0.5 percent compared to the previous three months.
However "momentum has slowed compared to the previous months, in particular in terms of orders from abroad. It is mainly orders from Germany providing the positive effect," the economy said in a statement.
It added the the number of bulk orders had declined compared to the end of 2014.
"But as a whole, the trend in German industry remains one of modest growth," the ministry added, pointing to strong confidence indicators.
Christian Schulz of Berenberg bank in London said the data did "not pose a serious risk" to its forecast of 0.6 percent gross domestic product growth in Germany for the first quarter.
"German manufacturers benefit from the firming demand in the eurozone and the weak euro elsewhere, as well as the aggressive ECB easing and fading risks," he said.
"But the strongest growth driver at the moment is domestic demand and especially cheap-oil-fuelled private consumption."
Economist Carsten Brzeski of ING-DiBa called the data an "unexpected disappointment".
"Compared with the start of last year, the industry is still treading water," he said.
However the weak euro and brimming order books should provide a boost in the coming months.
"If past performances are any guide for the future, German exporters can start rubbing their hands," he said.
GMT 15:13 2018 Saturday ,20 January
US 'erred' in supporting WTO membership for China, RussiaGMT 17:22 2018 Thursday ,18 January
US industrial output in 2017 posts biggest gain since 2010GMT 17:12 2018 Thursday ,18 January
No more bonuses for Carillion bosses after UK collapseGMT 17:20 2018 Wednesday ,17 January
EU to remove Panama, South Korea from tax haven blacklistGMT 17:16 2018 Wednesday ,17 January
Citigroup reports steep Q4 losses tied to US tax reformGMT 17:11 2018 Wednesday ,17 January
Pressure rises on British govt over Carillion collapseGMT 17:52 2018 Monday ,15 January
Iran jetliner deal could take longer to complete, Airbus saysGMT 17:44 2018 Monday ,15 January
EU to remove Panama, Korea, UAE, 5 others from tax haven blacklist
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor