German Factory Orders Plummet in January, Underscoring Industrial Weakness Weighing on Economy

• German factory orders dropped 11.3% in January 2024, worse than economists predicted • Decline due to slowdown in major orders after strong December • Data indicates Germany's industrial weakness continuing, weighing on economy • Germany's GDP fell 0.3% in 2023 amid weak demand, high inflation, loss of cheap Russian energy • Germany slashed 2024 growth forecast to just 0.2% in January, expecting weak global demand to continue dragging economy