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rdf:type	schema:NewsArticle
schema:articleBody	German industrial orders beat forecasts in October, topping their pre-pandemic level for the first time since the start of the coronavirus crisis, official data showed Friday. New contracts were 0.8 percent higher than their level in February 2020, before the virus swept across Europe, after October brought month-on-month growth of 2.9 percent, federal statistics agency Destatis said. Industrial orders are widely tracked as a key indicator of future activity, especially in manufacturing powerhouse Germany. The October pick-up was almost three times faster than September's revised monthly increase of 1.1 percent, and beat expectations for a 1.3 percent rise from analysts surveyed by FactSet. "In recent months, demand for industrial goods has continued to pick up, both from Germany and abroad," the economy ministry said in a statement. This is "good news", said LBBW economist Jens-Oliver Niklasch, noting that "foreign orders in particular have picked up". Orders from inside Germany rose by 2.4 percent over one month, compared with 0.5 percent for those from the eurozone and 4.8 percent for the rest of the world. The automotive industry, the engine of the German economy, saw orders add 1.0 percent, reaching levels 6.0 percent above February 2020. And overall orders also outperformed October 2019 by 1.8 percent, the ministry said -- although the economy had been performing sluggishly a year ago. Germany's economy expanded by a record 8.5 percent in the third quarter of 2020 as restrictions were lifted and shops and factories reopened. But a decline in economic output may be on the cards for the last three months of the year. "The economic weakness caused by the pandemic is more or less all related to the service sector," Niklasch said, adding "this is unlikely to change in the near future". Lockdowns announced by Chancellor Angela Merkel for November to curb Germany's second wave have likely hit demand again. edf/tgb
schema:headline	German industrial orders beat pre-pandemic level in October
schema:mentions	EDF Energy Eurozone Industry Angela Merkel Germany European Union Pandemic Virus Severe acute respiratory syndrome coronavirus 2 Landesbank Baden-Württemberg Tertiary sector of the economy Automotive industry Economy
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-12-04 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	neutral sentiment
http://data.cimple...readability_score	57 (xsd:integer)
http://data.cimple...tology#hasEmotion	happiness

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