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German Factory Orders Decline At Slower Pace

Germany's factory orders declined at a slower pace in August, figures from Destatis revealed Monday.

Factory orders decreased 0.6 percent on month, slower than the revised 2.1 percent decline seen in July. Economists had forecast a 0.4 percent drop.

The monthly fall was driven by a 2.6 percent fall in domestic orders, while foreign orders grew 0.9 percent.

Excluding major orders, factory orders decreased 0.3 percent in August from the previous month.

On a yearly basis, factory orders fell 6.7 percent after decreasing 5 percent in July. Economists had forecast a 6.6 percent drop.

Data showed that manufacturing turnover increased 1.3 percent on month, following a 1.2 percent decrease in July.

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