German Industrial Orders Increase

German industrial orders have been increased in June. According to the Economy Ministry orders were up 1.8 percent in June driven by a 13.7 percent rise in foreign orders. Order books grew by a solid 3.2 per cent during the second quarter, with demand for investment goods driving the growth, the ministry said. Foreign orders for German investment goods soared by 20.8 per cent in June, which helped to offset a 15.1-per-cent decline in domestic demand. Total orders were dragged down by a 10.8-per-cent slump in domestic orders, which cancelled out the 10.7-per-cent rise in May. Analysts had expected order books to contract by 0.1 per cent in June following signs that the world economy has been losing momentum amid a fall in key indicators in the US and Asia as well as the ongoing debt crisis in Europe.