Germany Factory Orders Decline

(RTTNews) - Germany's factory orders declined more than expected in April, data from Destatis revealed Monday.

Factory orders logged a monthly fall of 3.8 percent in April, in contrast to the 4.5 percent increase in March. Economists had forecast a fall of 2.2 percent.

On a yearly basis, orders grew 1.6 percent but slower than the 6.1 percent growth posted in March.

Data showed a significant decline of 5.3 percent in new orders in the automotive industry followed by a 16.3 percent fall in the manufacture of electrical equipment.

Foreign orders decreased 4.2 percent from the previous month and domestic orders were down 2.9 percent.