Seasonally and price-adjusted new factory orders in Germany decreased by 7% in January compared to the previous month, the country's Federal Statistical Office Destatis revealed in its report on Friday. New orders declined by 2.6% compared to the same month in the previous year.

Domestic orders dipped by 13.2% in the reported month compared to December, while foreign orders dropped by 2.3%. New orders from the euro area were down by 2.5%, while orders from outside the Eurozone tumbled by 2.3%.

According to the report, the main contributor to the decline in factory orders in January was a sharp decline of 10.7% in the manufacture of machinery and equipment sector. Meanwhile, new orders for intermediate goods were down by 1.4% in January month-on-month, while the orders for consumer goods and capital goods decreased by 2% and 11%, respectively.