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POST TIME: 8 January, 2019 00:00 00 AM
German Nov industrial orders down
AFP, Frankfurt Am Main

German Nov industrial orders down

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.