Germany's factory orders down by 11.3% in January

By Gokhan Ergocun

ISTANBUL (AA) - Germany's factory orders dropped by 11.3% in January compared to December 2023, according to official figures released on Thursday.

Factory orders also dropped by 6% year-on-year in January, federal statistical bureau Destatis said.

"The sharp decline in January 2024 is attributable to the high volume of large-scale orders in December 2023," it said.

In January 2024, the volume of large-scale orders was back to an average level, it added.

"This base effect is particularly pronounced in the manufacture of electrical equipment (-33.2%), other transport equipment (in particular, aircraft, ships, trains; -27.3%) and fabricated metal products (-14.5%)," it said.

In January 2024, new orders went down on the previous month in all three major groups, that is in the capital goods sector (-13.1%), the intermediate goods sector (-9.3%) and the consumer goods sector (-5.7%).

"Foreign orders fell by 11.4%, with orders from the euro area declining by 25.7%. By contrast, orders from outside the euro area rose by 1.6%. Domestic orders declined by 11.2%," Destatis said.