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"It's quite clear that we're heading into a pretty sharp downturn even in Germany"
- Jennifer McKeown, an economist at Capital Economics Ltd.
German factory orders tumbled the most since 2009 in November as the euro area economy headed toward a recession and global demand cooled. Orders declined 4.8 percent from October, when they rose 5 percent, said the Economy Ministry on Friday.
"It's quite clear that we're heading into a pretty sharp downturn even in Germany, which has been one of the strongest of the euro zone's economies," said Jennifer McKeown, an economist at Capital Economics Ltd. in London. "Orders are very clearly on a downward trend, as is industrial production itself."
"Things are really starting to slow down," Jennifer McKeown, senior European economist at Capital Economics in London, said. "There's an underlying economic downturn going on at the same time as the peripheral debt crisis continues. Even the strongest parts of the euro-zone economy are beginning to falter. We see the euro zone beginning to break up, perhaps as soon as this year."