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German industry orders unexpectedly slide in January
March 7, 2013 / 11:06 AM / 5 years ago

German industry orders unexpectedly slide in January

A part of the main factory of Volkswagen AG is pictured in Wolfsburg in this March 12, 2009 file photo. REUTERS/Christian Charisius/Files

BERLIN (Reuters) - German industrial orders unexpectedly slid in January as orders from the euro zone dropped sharply, Economy Ministry data showed on Thursday, disappointing hopes Europe’s biggest economy had picked up after a dismal end to last year.

Seasonally and price-adjusted order intake fell 1.9 percent on the month, undercutting even the lowest forecast in a Reuters poll of 39 economists. The consensus forecast had been for a 0.5 percent rise in bookings.

Domestic orders were down 0.6 percent, while orders from abroad dropped 3.0 percent, driven by a 4.1 percent decrease in contracts from the euro zone.

“The decline in orders at the start of the year suggests that the industrial sector has not yet overcome its weak phase,” the Economy Ministry said in a statement.

Reporting By Sarah Marsh; Edited by Madeline Chambers

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