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German industry orders 'improving'

German government figures show that industrial orders, a key indicator in Europe's biggest economy, were unchanged in April compared with the previous month.

Orders had risen strongly in March, their first rise in six months, and the economy ministry said the stability, a change of exactly zero per cent, demonstrated a 'noticeable improvement' for German industries.

The March figure was also revised higher to a gain of 3.7% from a previous estimate of 3.3%.

The ministry also noted that orders calculated over two months - to smooth out monthly variations - had risen 'for the first time since December 2007'. They gained 2% in March and April compared with January and February.

A 12-month comparison was less rosy however, with the March-April figure a full 32% lower than in the same period one year earlier.

The country's export-driven economy has been slammed by the global economic downturn, and the German central bank forecast on Friday that it would shrink by 6.2% this year. That was slightly worse than the government's official forecast of a 6% contraction.