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Factory Orders in Germany Rebound
Factory orders in Germany which had dropped by a revised 1.7% in May and 2.7% in June surged 4.6% in July, according to the country's Federal Statistical Office.
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Factory orders in Germany which had dropped by a revised 1.7% in May and 2.7% in June surged 4.6% in July, according to the country's Federal Statistical Office.
The rebound signals a return to growth for Europe's largest economy, whose gross domestic product shrank 0.2% in the second quarter. Analysts say the uptick also suggests Germany is not being significantly impacted by the Russia-Ukraine crisis.
The government statistics office notes that July's turnaround was driven by a surge in bulk orders and a 10% hike in demand from outside the eurozone. Orders from within the 18-member region rose 2%.
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