Germany's construction orders swell by 1.8%

Germany’s construction orders swell by 1.8%

New orders in the Germany's construction industry registered a 1.8% month-on-month rise in April, driven by a 7% surge in commercial building such as factories and offices. However, orders fell by 6.6% from a year ago. Construction industry which accounts for 5% of the economy is recovering at a slower pace than manufacturing sector. Builders struggle to revive earnings by selling assets and paring employees. Meanwhile, construction investment decreased by 3.1% in the first quarter, when the country's GDP (Gross Domestic Product) grew by 4%. In April, orders for residential buildings dropped by 0.5% while orders for civil construction such as roads and bridges recorded a 0.8% decline.