March 7, 2013 / 11:09 AM / 5 years ago

German industry orders unexpectedly slide in January

BERLIN (Reuters) - German industrial orders unexpectedly slid in January as orders from the euro zone dropped sharply, Economy Ministry data showed on Thursday, disappointing hopes Europe’s biggest economy had picked up after a dismal end to last year.

The construction site for the Elbphilharmonie (Philharmonic Hall), built by German construction company Hochtief, is pictured in downtown Hamburg, February 26, 2013. REUTERS/Fabian Bimmer

Seasonally and price-adjusted order intake fell 1.9 percent on the month, undercutting even the lowest forecast in a Reuters poll of 39 economists. The consensus forecast had been for a 0.5 percent rise in bookings.

Domestic orders were down 0.6 percent, while orders from abroad dropped 3.0 percent, driven by a 4.1 percent decrease in contracts from the euro zone.

“The decline in orders at the start of the year suggests that the industrial sector has not yet overcome its weak phase,” the Economy Ministry said in a statement.

Reporting By Sarah Marsh; Edited by Madeline Chambers

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