German industry boosts orders in June: ministry
European powerhouse Germany achieved a boost in industrial orders in June, official data showed on Thursday, with foreign demand driving a significant rebound after a surprise drop the month before.
Industrial orders rose by 3.2 percent compared to May, according to the economy ministry's preliminary data, smashing the expectations of analysts surveyed by Dow Jones Newswires, who had forecast a gain of 1.5 percent.
Preliminary figures for May had also wrong-footed economists, showing a surprise drop in orders of 0.5 percent. This was revised higher, however, to a smaller drop of 0.1 percent.
"Industrial orders continue to be lively," the ministry commented in a statement, adding: "While there are strong impulses from abroad, domestic orders are slightly weaker."
Orders from abroad climbed by 5.7 percent in June, according to the data, while domestic orders inched up only 0.3 percent.
Despite the shock result from May, German industry has powered ahead in the second quarter of the year, winning 7.7 percent more orders than in the first three months of 2010.
Germany, Europe's top economy, is recovering from its worst recession in 60 years but is expected to bounce back strongly this year largely on the back of exports.
© 2010 AFP