German industrial orders drop in May

German industrial orders fell much more than expected in May, ending a recent pickup and hit by a slump in demand from within the Eurozone, data showed.

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Orders declined by 1.4 per cent on the previous month on a seasonally and calendar adjusted basis, the German statistics office said. A Reuters poll of analysts had pointed to a fall of 0.1 per cent.

The slump was primarily due to a 17.7 per cent month-on-month drop in orders in the computer, electronic and optical products sector, where several large-scale orders were recorded in April.

Orders also fell sharply in the electrical equipment and basic metals sectors.