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German factory orders increase for second consecutive month in April

Xinhua, June 5, 2015 Adjust font size:

New orders received by German manufacturing industry increased for the second consecutive month in April, official data showed on Friday.

Compared with March 2015, German manufacturing orders rose by 1.4 percent in April, German federal statistical office Destatis said. In March, the orders increased by 1.1 percent month-on-month.

According to Destatis, the growth in April was mainly contributed by foreign demand which rose by 5.5 percent. Demand from the euro zone was particularly strong with a growth rate of 6.8 percent. Orders from inside Germany, however, decreased by 3.8 percent.

"An additional impetus was expected to come from the economic upswing in the euro zone," said the German Federal Economy Ministry in a statement, adding that domestic demand remained good and the trend remained upward despite current slowdown.

Also on Friday, German central bank Bundesbank raised its forecast for Germany's economic growth in 2015 and 2016 to 1.7 percent and 1.8 percent respectively.

Momentum comes from both inside and outside Germany, said Bundesbank. The domestic economy benefited from a stable labor market and "substantial income increase" while foreign demand was supported by the depreciation of the euro and economic recovery of the euro zone. Endit