German factory orders fall more than expected in April

(Sharecast News) - German factory orders fell more than expected in April, according to figures released on Monday by Destatis. Industrial orders dropped 3.8% on the month following a revised 4.5% increase in March, and versus expectations for a more modest 2% decline.

Excluding large-scale orders, new orders were also 3.8% lower on the month in April.

Destatis said the drop in new orders was attributable to a "substantial" decline in new orders in the automotive industry, which fell 5.3% on the previous month, and in the manufacture of electrical equipment, which saw a 16.3% fall.

A 7.4% drop in new orders for the manufacture of machinery and equipment also had a negative impact on the overall result.

The data showed that foreign orders were down 4.2% in April, with orders from the eurozone 11.1% lower and orders from outside the bloc up 0.8%. Domestic orders fell 2.9%.