German industrial orders fall more than expected in November

A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, Nov 14, 2022. REUTERS/Wolfgang Rattay/File photo

BERLIN  -German industrial orders saw their sharpest drop in more than a year in November on falling foreign demand, decreasing by 5.3 percent on the month on a seasonally and calendar adjusted basis, the federal statistics office said on Friday.

A Reuters poll of analysts had pointed to a 0.5 percent fall, after a downwardly revised rise of 0.6 percent in October.

Orders from eurozone countries slumped by 10.3 percent on the month, while those from outside the eurozone fell by 6.8 percent .

“This shows how strongly the high energy prices are weighing on the eurozone,” said VP Bank chief economist Thomas Gitzel.

The development shows that “industry is going through a difficult winter, even though companies’ business expectations have improved recently,” said the economy ministry.

A survey by the Ifo economic institute found that 50.7 percent of companies in the manufacturing sectors reported problems with material shortages in December, down from 59.3 percent the month before.

The statistics office publishes a statement with more economic data.