Orders from German industry decreased by a surprising amount

Germany’s new orders in industry shrank surprisingly much in November.

According to data published by the country’s Statistics Finland on Wednesday, cyclically adjusted and calendar-adjusted orders decreased by 5.4 percent from October.

The analysts interviewed by the Reuters news agency estimated in advance that the new orders would have remained unchanged. From the same time last year, orders decreased by 1.7 percent

Excluding large orders, new orders increased by 0.2 percent from the previous month.

Germany’s the industry’s problems are inevitably reflected in Finland.

Germany is one of Finland’s most important trading partners, and many Finnish industrial companies export especially investment goods there.

Industry in Germany has been suffering from more expensive energy for a long time. In addition, the car industry is in trouble because German manufacturers have had poor success in the electric car market.

According to the International Monetary Fund (IMF) forecast, the German economy will grow by 0.8 percent this year. Last year, according to the IMF, the economy did not grow at all, but contracted by 0.3 percent in 2023.