FXstreet.com (Barcelona) - German factory orders have slumped in November showing signs of the recession hitting hard over the Euro Area's main economy's industrial sector.
Orders for goods manufactured in Germany have slumped 6.0% in November, instead of the 2.0% decline advanced by market analysts. Year on year, factory orders have posted a 27.2% fall.
Orders related to October have been d0wnwardly revised to a 6.3% monthly decline and a 17.5 year on year fall, from the previous estimations of a 6.1% monthly decline and a 17.3% fall year on year.
Domestic orders have dropped at a larger extent than foreign orders, -7.6% the former against .4.4% the latter, according to figures by the German Ministry of economics. Orders from the Euro Area fell 4.3%, while orders from outside the Euro Zone have posted a 4.6% decline.