German factories sees fewer orders on weak exports
(03-07 19:19)
German industrial orders fell unexpectedly in January, weighed down by a drop in the number of big-ticket orders and weak overseas demand for German-made goods, official data showed on Thursday.
Industrial orders fell by 1.9 percent in January compared with December, wiping out the 1.1-percent gain seen the previous month, the economy ministry said in a statement, AFP reports.
Analysts polled by Dow Jones Newswires had been pencilling in a gain of 0.6 percent for January.
"Compared with the previous month, the number of big-ticket orders was very much below average,'' the ministry explained.
Domestic orders were down 0.6 percent and orders from abroad tumbled by 3.0 percent, it calculated.
The data could dent hopes that the German economy, Europe's biggest, has finally put the worst behind after gross domestic product (GDP) contracted by 0.6 percent in the final quarter of 2012.
Economic sentiment in Germany has soared recently.
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