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German industrial orders fell sharply in August | German industrial orders fell sharply in August |
(about 1 hour later) | |
German factory orders fell in August by their largest amount since the height of the global financial crisis in 2009, according to official figures. | German factory orders fell in August by their largest amount since the height of the global financial crisis in 2009, according to official figures. |
The economy ministry figures show that contracts fell 5.7% month-on-month, pointing to further weakness in Europe's largest economy. | The economy ministry figures show that contracts fell 5.7% month-on-month, pointing to further weakness in Europe's largest economy. |
The biggest drop was for orders from outside the eurozone, which fell 9.9%. | The biggest drop was for orders from outside the eurozone, which fell 9.9%. |
Germany's economy had a strong start to the year, but shrank by 0.2% in the second quarter. | Germany's economy had a strong start to the year, but shrank by 0.2% in the second quarter. |
Economists have warned that the economy could contract again in the third quarter, coming at the time when the eurozone as a whole is weakening. | Economists have warned that the economy could contract again in the third quarter, coming at the time when the eurozone as a whole is weakening. |
Tensions over Ukraine have cast a cloud over trading between Germany and Russia. But Carsten Brzeski, senior economist at ING, said: "It's not only a [Russian President Vladimir] Putin fear factor - Germany is also suffering from the weakness of its eurozone peers." | Tensions over Ukraine have cast a cloud over trading between Germany and Russia. But Carsten Brzeski, senior economist at ING, said: "It's not only a [Russian President Vladimir] Putin fear factor - Germany is also suffering from the weakness of its eurozone peers." |
The economies of France and Italy continue to struggle. | The economies of France and Italy continue to struggle. |
The weak data comes after a survey last week showed Germany's manufacturing activity shrinking for the first time in 15 months in September, as new orders dried up. | The weak data comes after a survey last week showed Germany's manufacturing activity shrinking for the first time in 15 months in September, as new orders dried up. |
Germany's economic woes will be of great concern to the eurozone, which is battling persistently low growth and low inflation. | Germany's economic woes will be of great concern to the eurozone, which is battling persistently low growth and low inflation. |
The European Central Bank introduced new measures to stimulate the area's flagging economy. | |
As well as launching an asset purchase programme, through which it will buy debt products from banks, the ECB cut its benchmark interest rate to 0.05%. | As well as launching an asset purchase programme, through which it will buy debt products from banks, the ECB cut its benchmark interest rate to 0.05%. |
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