German manufacturing orders rose at their fastest pace in two years in June, boosted by strong foreign demand, in a sign the industrial sector in Europe's largest economy is staging a recovery , Forbes reports.
Analysts polled by Dow Jones Newswires had forecast a much smaller increase of 0.9 percent in the widely-watched indicator for Europe's biggest economy.
"The strength in demand came in the end from foreign orders which increased by 8.3 percent," despite a rise in the euro's value, the ministry said in a statement, especially good news for the country's export-oriented economy , AFP reports.
However, the Economy Ministry said that, while industrial orders from inside Germany were up only 0.2 percent, orders from abroad rose by a cumulative 8.3 percent in June.
Demand from Germany's partners in the 16-nation euro zone rose sharply, the data showed, with orders up 13.2 percent. Orders from elsewhere in the world rose by 4.8 percent , Atlanta Journal Constitution reports.