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German factory orders up 1.9 per cent in March

BERLIN – Factory orders in Germany rose strongly in March in a positive development for Europe’s largest economy.

The Federal Statistical Office said Monday that new orders in manufacturing rose by 1.9 per cent in March compared to the previous month. It also adjusted February’s decline to a drop of only 0.8 per cent over January, compared to the 1.2 per cent drop initially reported.

March’s rise was driven by a 4.3 per cent increase in foreign orders, primarily from outside the eurozone, while domestic orders decreased by 1.2 per cent. Orders from within the euro area were up 1.1 per cent while orders from outside rose by 6.2 per cent.

ING-DiBa economist Carsten Brzeski says the figures “give some hope that the stagnation since last summer is gradually fading away.”