Business News
German factory orders plunge as economic growth stumbles
Jan 8, 2009, 10:23 GMT
Berlin - German factory orders plummeted by a hefty 6 per cent in November, the nation's Economics and Technology Ministry said, underscoring the deepening sense of gloom in Europe's biggest economy as last year came to an end.
The seasonally adjusted fall in the nation's key industrial orders in November was far more than the 1.6 per cent that analysts had forecast and followed the release of figures also published Thursday showing a dramatic 10.6-per-cent plunge in exports in November.
Leading the fall in factory orders was a sharp 7.7-per-cent drop in domestic orders in November with foreign orders contracting by 4.4 per cent during the month.
It was also the 11th consecutive monthly fall in German industrial order books, which analysts see as a key if volatile economic indicator. Industrial orders dropped by 6.3 per cent in October, the ministry said.
The drop in factory orders is likely to set the stage for a further steep fall in German output with figures to be released Friday tipped to show industrial production in the nation falling by 2 per cent in November.
COMMENT
blog comments powered by DisqusLatest Headlines in Business
- 1. US unemployment drops further, but figures disappoint
- 2. Japan stocks down as euro debt outweighs positive US data
- 3. Iraq resumes oil flow after pipeline blast in Turkey
- 4. Spanish bond auction lifts eurozone worries, sinks Japan stocks
- 5. ECB holds rates, rules out early exit from emergency measures
Older Talkback
