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German factory orders rise in March
[FRANKFURT] German industrial orders, a key measure of demand for goods in Europe's top economy, rose in March, the economy ministry said Wednesday, but disappointed analysts who had hoped for a stronger rebound.
Provisional official data showed a 0.9-per cent month-on-month increase, following a drop of 0.9 per cent in February.
Analysts polled by financial services firm FactSet had pencilled in growth of 1.5 percent for March.
For the three-month period covering January, February and March, which economists say provides a more accurate picture, factory orders fell by 1.5 per cent compared to the previous three months.
"Despite the increase in orders in March, the year got off to a cautious start in the manufacturing industry," the economy ministry said, pointing to low overseas demand.
However, "the positive business climate and increase in domestic orders suggest that the fundamental trend in the manufacturing sector remains upwards," it added.