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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Recovery in German industrial orders slows in September

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FRANKFURT: The recovery in German industrial orders from the shock of pandemic restrictions slowed in September, official data showed on 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 per cent month-on-month, compared with a rise of 4.9 per cent 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 per cent rise, according to financial services provider FactSet.


The small rise was sustained by domestic demand which went up 2.3 per cent in September, while orders from abroad dipped 0.8 per cent. Compared with the same month in 2019, industrial orders were down 1.9 per cent.


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”.


— AFP


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