Germany's factory orders see unexpected decline in April

ISTANBUL

Germany's factory orders unexpectedly declined by 0.4% month-on-month and 9.9% year-on-year in April, federal statistical office Destatis said on Tuesday.

Machinery and equipment, and miscellaneous vehicle construction sectors had a particularly negative impact with monthly declines of 6.2% and 34%, respectively.

"According to provisional figures, real turnover in manufacturing decreased by 1.2% in April 2023 compared to March 2023," the office said.

Europe's largest economy contracted 0.2% year-on-year in the first quarter of 2023, entering a recession.

It came after a 0.5% contraction in the last three months of last year, which analysts say is partly because of high energy prices triggered by Russia's war on Ukraine.

ISTANBUL

Germany's factory orders unexpectedly declined by 0.4% month-on-month and 9.9% year-on-year in April, federal statistical office Destatis said on Tuesday.

Machinery and equipment, and miscellaneous vehicle construction sectors had a particularly negative impact with monthly declines of 6.2% and 34%, respectively.

"According to provisional figures, real turnover in manufacturing decreased by 1.2% in April 2023 compared to March 2023," the office said.

Europe's largest economy contracted 0.2% year-on-year in the first quarter of 2023, entering a recession.

It came after a 0.5% contraction in the last three months of last year, which analysts say is partly because of high energy prices triggered by Russia's war on Ukraine.