German orders, exports miss forecasts on sluggish growth

German industrial orders fell and exports grew less than forecast in August as the recovery in Europe's biggest economy continued at a slow pace, data released Tuesday showed according to dpa. While the statistics office said monthly exports climbed 1 percent, the Ministry of Economics said total factory order books declined by 0.3 per cent. Analysts had expected the data would show exports gaining 1.1 percent after they fell 0. 8 per cent in July, while factory order books had been expected to rebound from a slump in July to expand by 1 percent in August. On orders, the ministry went back to revised upwards the July figure, to show a 1.9-per-cent fall instead of previously estimated 2.7-per-cent decline. Still, the figures added to signs that German economic growth lost momentum in the third quarter after bounding ahead by 0.7 per cent in the previous quarter, all following a slow start to the year. Germany's trade association (BGA) said Tuesday it had slashed its2013 export outlook for the country to below 1 per cent from a previously forecast 3 per cent. While domestic orders climbed by 2.2 per cent, foreign orders slumped by 2.1 per cent, led by a 2.9-per-cent drop in demand from the eurozone, the ministry said. Helping to drive domestic demand was a solid 4.7-per-cent rise in orders for investment goods, according to the data. Releasing the latest monthly trade data, the statistics office said imports were up 0.4 per cent in August after rising 0.3 per cent in July.