German factory orders slide in December, undercut forecasts - InfoNews

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German factory orders slide in December, undercut forecasts

German Economy Minister Peter Altmaier presents the "National Industry Strategy 2030," measures to secure the economic and technological leadership of Germany and the European Union in Berlin, Germany, Tuesday, Feb.5, 2019. (Bernd von Jutrczenka/dpa via AP)
February 05, 2019 - 11:30 PM

BERLIN - Official data show that German factory orders were down 1.6 per cent in December compared with the previous month, a worse-than-expected performance that adds to worries about slowing growth in Europe's biggest economy.

Economists had expected a 0.3 per cent increase.

However, the Economy Ministry said Wednesday that orders were stronger than previously thought in November — slipping by 0.2 per cent rather than the 1 per cent initially reported.

Orders were led lower in December by a 5.5 per cent fall in demand from outside the 19-nation eurozone. Domestic orders dropped 2.3 per cent, but orders from other eurozone countries rose 3.2 per cent.

The Economy Ministry said that, for the entire fourth quarter, orders rose a modest 0.3 per cent.

Last week, the government slashed its 2019 economic growth forecast from 1.8 per cent to 1 per cent.

News from © The Associated Press, 2019
The Associated Press

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