Germany’s factory orders grew at a faster pace in August on robust foreign demand, data from Destatis revealed Tuesday.
Factory orders climbed 4.5 percent month-on-month, which was faster than the 3.3 percent rise in July and the 2.6 percent increase economists’ had forecast.
Domestic orders climbed 1.7 percent, while foreign demand logged a notable growth of 6.5 percent. New orders from the euro area went up 14.6 percent and that from other countries increased by 1.5 percent.
On a yearly basis, manufacturing orders dropped at a slower pace of 2.2 percent, following a 6.9 percent decrease in July.
Manufacturing turnover dropped 0.1 percent on month in August versus a 5.2 percent rise in July.
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