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Berlin - German industrial orders fell sharply in November led by a contraction in domestic demand, data released on Thursday showed.
Monthly factory orders in Europe's biggest economy shrunk by a more-than-forecast 2.4% in November after gaining 2.9% in October, the Ministry of Economics said. Analysts had expected a 0.8% drop in November.
"The share of bulk orders was significantly below average," the ministry said in a statement, but it added: "The prospects for a rise in orders in the final quarter of last year are altogether good".
Leading the November decline was a hefty 4.7% slump in domestic orders.
Foreign orders also fell but by a more modest 0.7%. This came after a solid 2.7% jump in demand from Germany's key eurozone trading partners failed to offset a 2.6% drop in orders from other parts of the world, the ministry said.
While orders for intermediate goods or raw materials used in production sank 2.3% in November, demand for investment goods such as infrastructure and equipment dropped 3.1%. Orders for consumer goods, however, rose 2.6%.
Monthly factory orders in Europe's biggest economy shrunk by a more-than-forecast 2.4% in November after gaining 2.9% in October, the Ministry of Economics said. Analysts had expected a 0.8% drop in November.
"The share of bulk orders was significantly below average," the ministry said in a statement, but it added: "The prospects for a rise in orders in the final quarter of last year are altogether good".
Leading the November decline was a hefty 4.7% slump in domestic orders.
Foreign orders also fell but by a more modest 0.7%. This came after a solid 2.7% jump in demand from Germany's key eurozone trading partners failed to offset a 2.6% drop in orders from other parts of the world, the ministry said.
While orders for intermediate goods or raw materials used in production sank 2.3% in November, demand for investment goods such as infrastructure and equipment dropped 3.1%. Orders for consumer goods, however, rose 2.6%.
