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German Factory Orders Lower Again Due to War Ukraine and China Lockdown

Order intake from German factories fell again in April due to uncertainty among buyers due to the war in Ukraine and the corona lockdowns in China.

 

Factory orders fell 2.7 percent compared to March, according to the German Federal Statistical Office.

The decline was not expected, as economists had generally expected a small increase. There was a contraction in orders especially from abroad, such as from other euro countries. The largest decrease was seen in capital goods, such as factory machines and cars. But consumer goods such as white goods were also ordered less.

Compared to a year ago, orders for the German industry fell by more than 6 percent. The statistical office says that companies still have well-filled order books.

The German government lowered its economic growth forecasts at the end of April. For the time being, Berlin is counting on a 2.2 percent growth of the largest economy in Europe this year. Previously, a plus of 3.6 percent was expected.

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