German Factory Orders Fall More Than Expected in December

Data revealed that German factory orders decreased more than expected on a monthly basis in December, as the impact of restrictions imposed to combat the Coronavirus reduced demand from the rest of the euro area.

The data published by the Federal Statistics Office showed that orders for the supply of industrial orders fell 1.9% on the basis of the adjustment in light of seasonal factors, compared to Reuters’ forecast of a 1% decrease. The drop comes after an increase revised up to 2.7% in November.

Data from the Ministry of Economy showed that domestic orders fell 0.9% on a monthly basis, while orders from abroad fell 2.6%. Contracts out of the Eurozone tumbled 7.5%.