German industrial orders soar in August

06.10.2020 - Kulakov Vladimir
German industrial orders soar in August

Orders for German-made goods rose by 4.5% in August, bringing optimism for a robust third-quarter in Europe’s largest economy after the COVID-19 crisis.

The gains were attributed to demand from the Eurozone, according to the Federal Statistics Office on Tuesday, signaling that some companies were gradually recovering from the pandemic.

Orders from abroad gained by 6.5%, propped up by a 14.6% surge in orders from the rest of the Europe. Meanwhile, domestic orders rose by 1.7% on the month.

The German economy had contracted by 9.7% in the second quarter as household spending, company investments, and trade decreased significantly during the height of the pandemic.

However, despite the strong data, a resurgence of COVID-19 cases still left the possibility that activity could slow again.

Economy Minister Peter Altmaier warned on Monday that Germany must avoid another shutdown of industrial activity.

The Ifo Institute for Economic Research expects 6.6% output growth in the third quarter, then a slowing to 2.8% in the fourth quarter.


Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?