German data on industrial orders exceed all expectations. In June they grew by 1,8% compared to the previous month and by 9,5% compared to June 2010. This was announced by the Ministry of Economy of Berlin underlining how this is the third consecutive month of growth.
Analysts had expected a 0,5% quarter-on-quarter decline and 5,6% year-on-year growth.
Driving the growth was a 13,7% increase in foreign orders, masked by a 10,8% fall in domestic demand for orders.
According to the economy ministry, "A significant volume of large capital goods orders has definitely contributed to the positive figures."
