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German Jan industry orders post biggest fall in eight years
March 7, 2017 / 7:04 AM / 9 months ago

German Jan industry orders post biggest fall in eight years

BERLIN, March 7 (Reuters) - A sharp fall in domestic and euro zone demand drove the biggest monthly slump in German industrial orders in eight years in January, data showed on Tuesday.

Contracts for ‘Made in Germany’ goods were down by 7.4 percent on the month, the Economy Ministry said. That was the biggest monthly drop since January 2009 and was almost three times below the Reuters consensus forecast for a fall of 2.5 percent.

The Economy Ministry said high demand in the fourth-quarter of 2016 resulted in the weak start to 2017. It expects industrial orders to rebound later this year.

In December, orders rose by 5.2 percent, the highest increase since July 2014.

A breakdown of the January data, showed that domestic demand fell by 10.5 percent, foreign orders by 4.9 percent, driven by a 7.8 percent fall in demand from the euro zone. (Reporting by Joseph Nasr; Editing by Madeline Chambers)

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