Germany: Industrial slowdown continues – ING

Carsten Brzeski, chief economist at ING, notes that Germany’s new industrial orders dropped by 1.6% month-on-month in December, from 0.2% MoM in November.

Key Quotes

“On the year, industrial orders were down by 7.0% year-on-year. The drop was driven by falling demand from non-eurozone countries and a small drop in domestic demand.”

“Looking ahead, we still expect the bottleneck in the German automotive industry to be resolved in the coming months. Also, the sharp increase in new orders from other eurozone countries shows that not everything is so depressing for German industry.”