Incoming orders in the manufacturing industry in Germany rose by 2.3% in November. This is the seventh increase in a row. Even long-term optimists are surprised. Incoming orders currently only go in one direction: up. Compared to the same month last year, they are a full 6.3% higher. Until recently, hardly anyone would have dared to predict that the order increase compared to February 2020, i.e. before the start of containment measures, was even 4%.
A particularly large number of new orders came in from the countries of the euro zone in November. Overall, this shows once again that the manufacturing sector is doing well compared to the service sector. Help is also coming from China, where a corona-related special economic situation is giving a strong boost to the production of consumer goods. If more is produced in China, German machines will be needed on the one hand, and the income situation in the Middle Kingdom will also allow the purchase of high-priced German automobiles on the other.
As difficult as the current economic situation is in view of the virus situation, industry can at least compensate for losses in growth. The slump in growth will therefore not reach the extent of the second quarter. Nonetheless, the manufacturing industry will not be able to fully compensate for the losses in the service sector.
Live stream on December 14, 2020 from 6 p.m .:
With Hans-Werner Sinn, former President of the Ifo Institute: Corona and the miraculous increase in money in Europe
– Here is the stream! –