Slump in foreign demand hits German industry
A sharp decline in demand from abroad pushed down German industrial
orders in November, official figures showed on Tuesday, raising concerns
that a slower global economy could hit output in Europe's powerhouse.
Industrial orders were down by 1.8 percent overall in November
compared to the level the previous month, according to data from the
economy ministry.
Orders from abroad were down sharply, by 4.1 percent, outweighing
solid demand domestically, where orders were up by 1.3 percent.
Nevertheless, the figures followed a very strong October where
overall orders soared by 3.8 percent. Taking the two months together to
smoothe out volatility, industrial orders were up 1.6 percent overall.
"A decline in orders after a strong surge in demand the previous
month is not unusual," commented the ministry.
"All in all, demand appears to be stabilising. This is also indicated
by a slight improvement in confidence indicators," added the ministry in
a statement.
Figures in December showed that business confidence in Germany, as
measured by the closely watched Ifo institute's monthly survey, improved
by more than expected.
AFP
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