Germany's economy suffers fresh setback after factory orders fall for fifth month in a row By John-Paul Ford Rojas Updated: 22:02, 4 July 2024 e-mail View comments Slump: New factory orders in Germany fell 1.6% in May Germany’s economy suffered a fresh blow after official figures showed factory orders fell for a fifth month in a row in May. The 1.
6 per cent decline compared to the previous month came as a surprise to economists, who expected a rise of 0.5 per cent. New orders are down by 8.
6 per cent on the same month last year. The figures underscore the turmoil in Europe’s biggest economy under its fragile coalition government led by Olaf Scholz’s Social Democratic Party, which is contending with the rise of the far-right. Alexander Krueger, chief economist at Hauck Aufhaeuser Lampe Privatbank, said: ‘The downward trend is still in full swing.
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Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account Manufacturing, which accounts for about a fifth of Germany’s economy, has been hit by a series of crises, including the Ukraine war, which has reduced access to cheap Russian gas. Its powerhouse car-making industry is also in flux amid the transition to electric veh.
