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  • The recovery in German industrial orders from the shock of pandemic restrictions slowed in September, official data showed Thursday, as new measures to tackle a resurgence in cases clouds the outlook again. "After the first strong recovery following the lockdown in April, industry is continuing to fight its way out of the crisis," the economics ministry said in a statement. Industrial orders grew 0.5 percent month-on-month, compared with a rise of 4.9 percent in August, as curbs tightened and quarantines became more widespread across Europe to fight a second wave of the pandemic. The data was below expectations for a 1.5 percent rise, according to financial services provider FactSet. The small rise was sustained by domestic demand which went up 2.3 percent in September, while orders from abroad dipped 0.8 percent. Compared with the same month in 2019, industrial orders were down 1.9 percent. Manufacturing has benefited from Germany's economic recovery from May onwards, enabling orders to return close to levels in the fourth quarter of 2019 before the outbreak of the pandemic, the ministry said, "driven by domestic and foreign demand". The automotive industry, the engine of the German economy, saw orders rebound strongly at 5.1 percent, reaching levels 5.8 percent above February 2020. Germany's economy expanded by a record 8.2 percent in the third quarter as restrictions were lifted and shops and factories reopened. However, lockdowns announced by Chancellor Angela Merkel to curb the second wave in the country for the month of November will likely hit the economy again. smk-edf/hmn/bmm
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  • Recovery in German industrial orders slows in September
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