German industrial orders fall more than expected in November

BERLIN -German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3 percent on the month on a seasonally and calendar adjusted basis, the federal statistics office said on Friday.

A Reuters poll of analysts had pointed to a 0.5 percent fall, after a downwardly revised rise of 0.6 percent in October.

Orders from eurozone countries slumped by 10.3 percent on the month, while those from outside the eurozone fell by 6.8 percent .

“This shows how strongly the high energy prices are weighing on the eurozone,” said VP Bank chief economist Thomas Gitzel.

The development shows that “industry is going through a diffi…

Keep on reading: German industrial orders fall more than expected in November