Germany's factory orders plummet 5.3% last November

By Tuba Sahin

ANKARA (AA) – Factory orders in Germany dove 5.3% from a month earlier in November 2022, the largest decline over a year, according to provisional data released on Friday.

The market forecast was a 0.5% decline for the month, following a downwardly revised 0.6% rise in October.

New orders have reached their lowest level since July 2020 due to an 8.1% monthly drop in foreign orders, the Federal Statistical Office (Destatis) said in a statement.

New orders from the euro area decreased by 10.3% and from countries outside the single currency zone sank by 6.8% compared to last October.

At the same time, domestic orders fell by 1.1% in the same period.

On an annual basis, new factory orders fell by a calendar-adjusted 11% compared to November 2021.