German manufacturing orders dropped in January by 3.9%
New manufacturing orders in Germany fell by 3.9% in January this year, dropping an additional 1.3% than expected.
A Reuters economist poll predicted that the first month of this year would see a 1.6% reduction in industrial orders.
However, despite the fall, the sector noted an 8.2% growth in comparison to the same month last in the previous year.
Domestic orders fell by 2.8% on the month, whilst foreign dropped by 4.6%, the Financial Times claims.
“Before getting overly pessimistic don’t forget that monthly new orders data are highly volatile and also subject to seasonal effects,” the Financial Times reported ING stating.
“Given that industrial Germany was probably on vacation during the entire first week of January, today’s drop does not come as a surprise.”
December’s noted 3.8% gain in the sector has also been revised to 3.0%
Turnover in the manufacturing industry also fell by 0.2% between December and January.
“Despite the decline in January, the overall trend in industrial orders is pointing upwards,” the Germany’s Economy Ministry stated, as reported by Reuters.
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