Non-euro zone demand keeps German industry afloat

FRANKFURT: New orders at German industrial firms kept growing in April, official data showed, powered by demand from outside the eurozone. Companies reported 0.3 per cent more contracts in April compared with the previous month, federal statistics authority Destatis said in figures adjusted for seasonal and calendar effects. That was better than forecast by analysts surveyed by Factset but slower than March’s 0.8 per cent increase. When large orders were stripped out, April’s lift was significantly sharper, at 2.1 per cent. Economists watch industrial orders figures closely as an indication of the future health of Germany’s vital manufacturing sector. The outlook for producers has been gloomy in recent months owing to knock-on effects from the mounting US-China trade conflict and tensions between Washington and Brussels. — AFP