Saturday, April 1, 2023

Slump in orders in German industry

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Slump in orders in German industry

The sluggish world economy and high energy prices are also reflected in the order books of German companies. The setback is surprisingly strong. But economists point to the continued high order backlog in industrial companies.

The high energy prices and the slowing economy have left their mark on German industry. (icon picture)

Industry in Germany recorded a severe setback in incoming orders in November. According to the Federal Statistical Office on Friday, the order volume fell by 5.3 percent in a monthly comparison. Economists were surprised by the magnitude of the pullback. On average, they had only expected a slight decline of 0.5 percent. Year-on-year, November order intake fell 11.0 percent.

The Federal Ministry of Economics spoke of a downward trend, which continued to increase again. “However, the order data shows that the industry is going through a difficult winter, even if the business expectations of the companies have recently improved,” it said. “However, the order backlog in industry is still high, which is currently supporting production.”

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