(Bloomberg) — German factory orders dropped sharply at the start of 2024 following an uptick in December – underscoring the difficulties of Europe’s largest economy to overcome its recent malaise.
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Data released Thursday showed an 11.3% decrease in demand in January from the previous month. That was worse than predicted by any economist in a Bloomberg survey. The decline was due to a slowdown in major orders, which after a strong showing in December, were back to their normal level, the statistics agency said.
A less volatile three-month reading showed a 2.3% rise from the previous period, according to Destatis.
The data come a day after strong German exports numbers at the beginning of 2024 signaled that the country’s industrial weakness may be easing. The protracted downturn in Germany’s outsized manufacturing sector is weighing on the overall economy,…