File photo shows a German worker assembling a car engine at a factory in Ingolstadt.
Germanyâ„¢s industrial orders have dropped more than expected, highlighting the countryâ„¢s difficult struggle in recovering from a weak performance in winter and recession in the eurozone.
The German Economics Ministry announced in new data released on Thursday that the countryâ„¢s industrial orders fell by 2.3 percent in April.
”The German economy is unsteady. As long as the ailing euro zone countries are not back on their feet, this will likely remain the case,” said economist Thomas Gitzel.
This new data came three days after the International Monetary Fund halved its economic growth forecast for Germany to 0.3 percent for 2013.
The fund said the cut was the result of persistent uncertainty about the prospects for the eurozoneâ„¢s debt crisis that has affected Germany’s exports and investment.
Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries.
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This article originally appeared on: Press TV