German factory orders reported its worst monthly decline in two years in February, raising more concerns that Europe’s biggest economy is on the brink of recession.
Industrial orders fell 4.2 percent two month ago, the sharpest fall since 2017, following a revised 2.1 percent plummet in January. Analysts had predicted a 0.3 percent soar.
The plunge in February is the fourth monthly decline in a row, where domestic orders slipped 0.6 percent and foreign orders slumped 6.0 percent.
Factory orders were 8.4% down from a year earlier.
Manufacturing momentum will “continue to be subdued in the coming months, particularly due to a lack of external demand,” the Economy Ministry said on Thursday.
The German economy is still struggling amidst the lingering trade war and the Brexit uncertainty, as it failed to report any economic growth since second quarter of 2018.
of 07:40 GMT, the euro traded higher for a second straight session at $1.1245,
compared to the session’s open at $1.1231.