Germany's factory orders shrink for 3rd consecutive month

By Tuba Ongun

Germany's factory orders fell for the third consecutive month in March, according to data from the Federal Statistical Office (Destatis) on Tuesday.

The figure dropped 0.4% month-on-month in March, following a downwardly revised 0.8% decline in February and bucking the market forecast of a 0.4% rise.

New orders in other transport equipment (such as aircraft, ships, and trains) decreased 2.3% from the prior month and the manufacture of fabricated metal products dove 4.5%.

The automotive industry and the manufacture of electrical equipment posted a 1.1% and 5.9% rise, respectively, in new orders.

On an annual basis, new factory orders dropped by a calendar-adjusted 1.9% in March.