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Germany's Factory Orders Decline More Than Expected

Germany's factory orders declined more than expected in January, figures from Destatis revealed Thursday.

New orders in manufacturing dropped 3.9 percent month-on-month in January, reversing a revised 3 percent rise in December. Orders were forecast fall moderately by 1.8 percent.

Excluding major orders, demand in manufacturing declined 2.4 percent.

Domestic orders fell 2.8 percent and foreign orders decreased 4.6 percent. New orders from the euro area were down 5.9 percent and that from other countries slid 3.8 percent.

On a yearly basis, factory orders advanced notably by 8.2 percent after rising revised 7.9 percent in the previous month.

Further, data showed that manufacturing turnover dropped 0.2 percent in January from December, when it was unchanged after the revision.

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