German industrial orders surged in June on eurozone demand

German industrial orders surged in June on higher demand from the eurozone, data released Tuesday showed. Monthly factory order books climbed by 3.8 per cent after contracting by 0.5 per cent in May, dpa quoted the Economics Ministry as saying. The June rise was almost four times more than forecast by analysts. The ministry also revised up the May figure from a previously estimated 1.3-per-cent fall. Orders from the 17-member eurozone rose by 10 per cent in June leading to a 4.2-per-cent increase in foreign orders. Domestic orders rose by 3.3 per cent. The strong pickup on demand from the eurozone will add to hopes that the currency bloc is emerging from a protracted recession. The ministry said that the data underscored that 'the upward trend in new orders in industry continued during the second quarter both in overall terms and adjusted for major contracts.' Second-quarter factory orders gained a solid 1.2 per cent, compared with a 0.5-per-cent rise in the first three months of the year, the ministry said.