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Germany Factory Orders Fall More Than Expected In February

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Germany factory orders declined more than expected in February largely driven by the fall in foreign demand, data from Destatis revealed on Wednesday.

Factory orders decreased 2.2 percent month-on-month in February, in contrast to the 2.3 percent increase in January. Economists had forecast a marginal 0.2 percent fall.

At the same time, annual growth in overall new orders eased sharply to 2.9 percent from 8.2 percent in January.

New orders from foreign countries decreased 3.3 percent from January. Within this foreign demand, orders from eurozone were down 3.3 percent and that from non-eurozone economies slid 3.4 percent. At the same time, domestic orders logged monthly fall of 0.2 percent.

Further, data showed that domestic turnover fell 1.4 percent in February, reversing a revised 1.6 percent increase in January.

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