Seventh increase in a row
The order books of German industry surprisingly filled for the seventh month in a row in November. New business grew by 2.3 percent compared to the previous month, as the German Ministry of Economic Affairs announced. Economists, however, had expected a decrease of 1.2 percent. In October there was a revised increase of 3.3 (previously: +2.9) percent.
As a result of the race to catch up, the pre-crisis level has now been noticeably exceeded: Measured in February 2020, the month before the start of the restrictions in the wake of the corona pandemic, orders are 4.0 percent higher.
“The incoming orders were able to continue their recovery process in November despite a partial lockdown,” emphasized the ministry. Incoming orders in the two important sectors of mechanical engineering and the automotive industry were slightly weaker. “However, this was offset by noticeable growth in the areas of other vehicle construction, IT and optical equipment and chemical products,” said the ministry.
The good industrial activity gives reason to hope that the economy did not shrink significantly in the fourth quarter. The lockdown, which began in November, has now been tightened and has now been extended until the end of January, is primarily a problem for service providers and downtown retailers.
