German industrial orders rise 0.3% in November
FILE PHOTO: People walk past a construction site with cranes at Alexanderplatz in Berlin, Germany October 2, 2023. REUTERS/Annegret Hilse/File Photo
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By Maria Martinez
(Reuters) -German industrial orders rose less than expected in November, data from the federal statistics office showed on Monday, as demand weakened.
Industrial orders rose by 0.3% month-on-month on a seasonally and calendar adjusted basis, the federal statistics office said on Monday.
A Reuters poll of analysts had forecast a rise of 1%.
Domestic orders rose by 1.4%, while foreign orders fell by 0.4% on the month, the office said. Orders from the euro zone declined by 1.9% and orders from the rest of the world increased by 0.6%.
The less volatile three-month on three-month comparison showed that new orders were 4.5% lower in the period from September to November than in the previous three months, the office said.
The statistics office revised data for October to a 3.8% decline in industrial orders on the month, instead of a 3.7% drop.
New orders excluding large-scale orders were down 0.6% in November compared with the previous month.
Companies were no longer able to absorb the weaker demand because their order backlogs were now too low following the processing of orders that remained unfilled during the coronavirus crisis, said Joerg Kraemer, chief economist at Commerzbank (ETR:CBKG).
Kraemer added that this suggested a further decline in industrial production.
November industrial production data will be published on Tuesday.
