German industrial orders down in March
German industrial orders dropped sharply in March, official data published yesterday showed, as the Russian invasion of Ukraine hit demand.
Incoming orders were down 4.7 percent on the previous month in March, according to the federal statistics agency Destatis.
The drop was a “visible” indication of the impact the war in Ukraine is having on the German economy, the economy ministry said in a statement. “Increased uncertainty is reflected in much more restrained demand, especially from the non-euro area” the ministry said.
Foreign orders from outside the eurozone dived by 13.2 percent in March, while demand from inside the bloc rose by 5.6 percent.
Domestic orders registered a meek drop of 1.8 percent. The largest drop was for capital goods, which fell 8.3 percent.
Intermediate goods saw a more modest drop of 1.5 percent in March, while consumer goods orders went up by 6.4 percent.