Thursday, March 28, 2024 | Ramadan 17, 1445 H
broken clouds
weather
OMAN
23°C / 23°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

German industrial orders plunge as trade war fears weigh

1358230
1358230
minus
plus

BERLIN: Weak demand from domestic and euro zone clients led to a fourth straight monthly drop in German industrial orders in April, suggesting factories in Europe’s largest economy will shift into a lower gear over coming months.


Contracts for German goods were down 2.5 per cent from March after a downwardly revised drop of 1.1 per cent the previous month, Federal Statistics Office data showed. The April reading significantly undershot a poll of analysts, who had predicted a 0.8 per cent rise.


DIHK economist Sophia Krietenbrink said it might signal a loss of economic momentum despite the fact that order backlogs at German manufacturers were still high. “Trade conflicts, in particular, are causing considerable uncertainty from outside,” she said.


The decline was driven by a drop in domestic demand, though orders from clients in other euro zone countries also fell.


A sector breakdown of the figures showed demand for capital and consumer goods fell while demand for intermediate goods rose.


The release followed a string of strong economic data that included retail sales posting a bigger-than-expected jump in April, unemployment reaching a record low in May and business morale steadying despite the threat of a global trade war. — Reuters


SHARE ARTICLE
arrow up
home icon