{"id":132593,"date":"2023-05-05T21:30:59","date_gmt":"2023-05-05T21:30:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=132593"},"modified":"2023-05-05T21:30:59","modified_gmt":"2023-05-05T21:30:59","slug":"germany-factory-orders-fall-most-since-onset-of-pandemic","status":"publish","type":"post","link":"https:\/\/fin2me.com\/economy\/germany-factory-orders-fall-most-since-onset-of-pandemic\/","title":{"rendered":"Germany Factory Orders Fall Most Since Onset Of Pandemic"},"content":{"rendered":"<p> German factory orders posted the biggest decline since the onset of the <span>coronavirus<\/span> pandemic in 2020, suggesting that manufacturing weighed on the economic activity in the first quarter.<\/p>\n<p>Factory orders decreased by a more-than-expected 10.7 percent month-on-month in March, offsetting the revised 4.5 percent increase in February, data released by Destatis showed on Friday. Orders were forecast to drop moderately by 2.2 percent. <\/p>\n<p>Excluding large-scale orders, there was a decrease of 7.7 percent in March from the preceding month. <\/p>\n<p>In March, foreign orders plunged 13.3 percent and domestic orders decreased 6.8 percent.<\/p>\n<p>Orders for construction of ships, aircrafts and spacecrafts plunged 47.4 percent. This was in stark contrast to the 55.0 percent increase in February. <\/p>\n<p>Motor vehicles and auto parts also had a notable impact on the results, down 12.2 percent on the previous month. <\/p>\n<p>New orders in the capital goods industry posted a monthly decrease of 14.1 percent and that of intermediate goods dropped 7.5 percent. On the other hand, orders for consumer goods gained 1.2 percent. <\/p>\n<p>In the first quarter, new orders were 0.2 percent higher than in the same period of previous year. <\/p>\n<p>Further, data showed that manufacturing turnover decreased 2.9 percent over the month, reversing an increase of 1.5 percent in February. Turnover was 3.7 percent higher than in March 2022.<\/p>\n<p>Germany avoided a recession in the first quarter as the <span>economy<\/span> stagnated with the fall in household and government spending offsetting the improvements in capital formation and exports.<\/p>\n<p>After contracting 0.5 percent in the fourth quarter, gross domestic product remained flat in the first quarter.<\/p>\n<p>The International Monetary Fund forecast the German economy to shrink 0.1 percent this year and to expand 1.1 percent in 2024. <\/p>\n<p>Source: <a href=\"https:\/\/www.rttnews.com\/3361860\/germany-factory-orders-fall-most-since-onset-of-pandemic.aspx?type=alleco\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>German factory orders posted the biggest decline since the onset of the coronavirus pandemic in 2020, suggesting that manufacturing weighed on the economic activity in [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":132592,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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