Weak German industrial orders rise dents robust recovery hopes


© Reuters. FILE PHOTO: Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter

BERLIN (Reuters) – German industrial goods orders rose by a smaller-than-expected 2.8% on the month in July, data showed on Friday, further dampening hopes that Europe’s largest economy can recover strongly in the third quarter from the coronavirus shock.

The rise compared with a Reuters forecast for an increase of 5.0%, signalling that a return to pre-crisis levels will be slow.

Figures from the Federal Statistics Office showed that domestic orders fell by 10.2% on the month while orders from abroad were up 14.4%.

The Office said order intake was 8.2% lower than in February, before lockdown measures were imposed to slow the spread of the coronavirus.

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