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German factory orders increase in July

Xinhua, September 6, 2016 Adjust font size:

German factory orders increased in July, but at a slower pace than economists' expectation, official data showed on Tuesday, suggesting subdued industrial activity in coming months.

New orders increased by 0.2 percent in July on June, said German federal statistics office Destatis, attributing the growth mainly to foreign demand, especially from the euro zone.

In July, foreign orders rose by 2.5 percent, while domestic orders decreased by 3 percent. New orders from the euro zone jumped by 5.9 percent.

However, economists had forecast factory orders to grow by 0.5 percent following a 0.3-percent drop in the previous month.

"The sideways movement of the orders speak for a rather quiet industrial activity in the fall," said the German Economy Ministry in a statement, adding that the business climate in the manufacturing sector had deteriorated recently, but remained above its long-term average. Endit