German manufacturing orders fell in April

While March figure was revised upwards by 1% to 3.2%, April results fell short of expectations – a drop in factory orders by 1.9% instead of an expected 1% contraction. The ministry thinks that this decline should be treated just as a correction of strong March figures. The fall is attributed to decreasing foreign demand, because foreign orders tumbled 3.6%, while domestic orders advanced 0.4%, comparing to March. Eurozone countries ordered 1.8% less, non-Eurozone countries - 4.7% less.