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GERMAN DATA
MNI (London)

GERMANY MAR FACTORY ORDERS -4.7% M/M, -3.1% Y/Y; FEB +4.3%r Y/Y

  • German manufacturing saw substantial declines in the March print, following the onset of the Ukraine war and associated worsening of supply chain disruptions and soaring energy prices.
  • Factory orders dipped -4.7% m/m, substantially lower than -1.1% m/m forcaseted and down 3.9pp from the upwardly revised February print (upwards revisions due to late reporting).
  • COmpared to March 2021, factory orders came in 3.1% lower.
  • Foreign orders constiuted the key driver in the March decline, falling by 6.7% m/m, with non-eurozone orders diving 13.2% m/m.
  • Capital goods orders fell 8.3% m/m, highlighting the reduced propensity to invest against the current backdrop of economic and political uncertainty.

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