Industrial orders at German factories saw their biggest fall in March since the outbreak of the Covid pandemic in 2020, data showed Friday, the latest sign that Europe's biggest economy is facing a steep downturn.
New orders, which give a foretaste of industrial output, dropped a surprise 10.7 percent from the previous month, according to provisional figures from federal statistics authority Destatis.
Orders had been rising in recent months, bolstering hopes that Germany was weathering the fallout from the Ukraine war and resulting energy crisis better than feared. The decline was reported across most areas of the manufacturing sector, Destatis said, with foreign orders dropping by 13.3 percent and domestic orders by 6.8 percent.Berenberg Bank economist Holger Schmieding said that"seen in isolation", the drop in orders"clouds the outlook for German manufacturing".
Several economic indicators had started rebounding after falling last year in the wake of Russia's invasion of Ukraine and the resulting surge in energy prices, lifting hopes that Germany could avoid a recession.
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