German factory orders decline in February

German factory orders fell in February for the first time in four months, dragged lower by a drop in foreign orders, according to figures released on Wednesday by Destatis.

Orders declined by 2.2% on the month following a revised 2.3% increase in January, missing expectations for a 0.2% dip.

On the year, factory orders were up 2.9% following a revised 8.2% jump in January.

Foreign orders fell 3.3% on the month in February, while new orders from the eurozone were down 3.3%. New orders from the non-euro area were 3.4% lower, while domestic orders slipped 0.2% on the month.

The producers of capital goods saw a 2.8% decline, while intermediate goods manufacturers saw orders fall 1.9%. Consumer goods orders rose 0.7%.