FRANKFURT: German industrial orders, a key measure of demand for goods in Europe's top economy, slipped slightly in May, the economy ministry said on Monday.
Provisional official data showed a decrease of 0.2 percent month-on-month, following an increase of 2.2 percent in April.
Analysts polled by financial services firm FactSet had pencilled in a slightly bigger drop of 0.4 percent for May.
The decline was attributable to weaker domestic demand for German-made goods. Domestic orders fell by 0.6 percent, while export orders edged up by 0.2 percent, the ministry calculated.
Orders from the eurozone were down 1.5 percent, while orders from outside the single currency area grew by 1.2 percent.
The economy ministry said that looking at data for April and May combined, factory orders increase by 2.7 percent compared with February and March.
The trend, therefore, "remains pointed upwards, particularly for foreign orders," the ministry said. "German industry is gaining momentum."
Comments
Comments are closed.