INSIGHTS
- According to the Federal Statistical Office, new orders in German manufacturing fell 10.7% in March 2023, marking the industry’s worst decrease since the epidemic began.
- In the majority of manufacturing-related economic sectors, new orders were declining.
- Domestic orders decreased 6.8% while orders from outside decreased by 13.3%.
According to preliminary data issued by the Federal Statistical Office (Destatis), German manufacturing saw its worst decrease since the epidemic began, with real new orders falling by 10.7% on a seasonally and calendar adjusted basis in March 2023.
The decrease reflected a remarkable reversal of the upward trend and came after new orders rose by 4.5% in February 2023. Only 0.2% more new orders were placed during the first quarter of 2023 compared to the same period last year.
March 2023 saw a decline of 7.7% from February 2023 when large-scale orders were excluded. In the majority of manufacturing-related economic sectors, new orders were declining.
According to Destatis, new orders in the consumer goods sector climbed by 1.2% in March 2023, while new orders in the intermediate goods sector fell by 7.5% from the previous month.
Domestic orders decreased 6.8% over the previous month, while foreign orders dropped 13.3%. New orders from the euro region and the rest of the globe both decreased by 10.8% and 14.8%, respectively.
In addition, according to preliminary data, real manufacturing turnover fell by 2.9% in March 2023 compared to February 2023 (seasonally and calendar adjusted). The preliminary data were revised, and it was discovered that February 2023 had a rise of 1.5% over January 2023.
The nation’s calendar-adjusted turnover increased by 3.7% in March 2023 compared to March 2022.
