German factory orders down by 2.0 percent in April

Factory orders in Germany have dropped sharply in April adding to worries about stagnation in the German industry.

The Federal Statistical Office said Monday that new orders in manufacturing decreased by 2.0 percent in April compared to the previous month. It also adjusted March's rise to an increase of 2.6 percent over February, compared to the 1.9 percent rise initially reported.

April's decrease was caused by a 4.3 percent drop in foreign orders, primarily from outside the eurozone, while domestic orders increased by 1.3 percent. Orders from outside the euro area decreased by 8.3 percent compared to the previous month.

ING-DiBa economist Carsten Brzeski said the figures "add to evidence of continued stagnation in the German industry."