Will the European Economy improve?
Following a downwardly revised 10.9% decline in March, factory orders in Germany unexpectedly fell by 0.4% in April 2023, missing market expectations of a 3.0% increase. This affected the European Economy. The dip in industrial orders, which was mostly caused by a drop in large-scale orders, continued for the second month in a row. The number of new orders for the manufacture of machinery and equipment fell 6.2%. While the number of new orders for the construction of miscellaneous vehicles—which includes the construction of ships, railway vehicles, aircraft, spacecraft, and army vehicles—down 34%. New orders increased 1.4% when large orders were excluded. Orders for consumer products decreased by 2.5%, and orders for capital goods decreased by 1.7%. The demand for intermediate goods jumped by 2.3%, and orders for motor vehicles and motor vehicle parts increased by 2.4%. While domestic orders increased 1.6%, orders from abroad declined 1.8%, including 2.7% less from the Euro Area. federal statistical office as a source.
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