German factory orders decline once more in early Q2.

Official statistics showed that industrial orders in Germany, an important indicator of Europe’s largest economy, fell again in April after a sharp decline in March in a disappointing start to the second quarter.

The economy ministry said orders fell 0.4% from the previous month after a painful 10.9% fall in March.

And while domestic orders rose 1.6% in April, external demand declined, especially from the eurozone, which fell 2.7%.

The data follows the release of export statistics for April on Monday, which showed that exports rose 1.2 percent after falling 6 percent in March.

At the end of May, Germany’s national statistical office said the economy had contracted in the first three months of the year, marking a contraction for the second quarter in a row.

Germany’s gross domestic product fell 0.3% between January and March after declining 0.5% in the last quarter of 2022.

Inflation eased but remained high at 6.1 percent in May, while higher interest rates dampened hopes for an economic recovery.

Source: AP

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