It is easy to breathe a sigh of relief in German industry: the order situation has recently improved significantly. These are positive signals for the German economy.
The German industry achieved a significant increase in orders in October. Compared to the previous month, 2.9 percent more orders were received, as the Federal Statistical Office announced on Friday in Wiesbaden.
Analysts had expected a roughly half as strong increase of an average of 1.5 percent. In addition, the increase in the previous month of September was subsequently increased from 0.5 to 1.1 percent.
Compared to the same month last year, orders in October were 1.8 percent higher. That too was above the expectations of analysts. Even the level before the Corona crisis in February was exceeded by 0.8 percent. In the large automotive industry, orders were 6.0 percent above the pre-crisis level.
“It’s running again in industry”
2.4 percent more orders came from within Germany and 3.2 percent more from abroad. Orders from countries outside the eurozone rose particularly strongly.
The Munich-based Ifo Institute recently published the results of a survey, according to which production expectations were falling in some companies. Regardless of this, analyst Jens-Oliver Niklasch from Landesbank Baden-Württemberg commented positively on the current figures: “Industry is back on track.” The pandemic-induced economic weakness is mainly related to the service sector, which is unlikely to change anytime soon.