German factory orders plunged by 15.6 percent in March compared with the previous month as countries around Europe and beyond started shutting down public life and businesses, official data showed today. Demand from both domestic and foreign customers for goods made in Europe's biggest economy plummeted by a similar amount, the Economy Ministry said. There was a particularly steep drop in orders for investment goods such as factory machinery, which were down 22.6 percent. Germany itself started shutting down in mid-March. Data for January and February were relatively healthy, so orders dropped only 2.7 percent in the first quarter compared with last year's fourth quarter, the Economy Ministry said.-AP

Source: The Standard May 06, 2020 09:45 UTC