German factory orders up for 2nd straight month in February

<p>BERLIN &mdash; Factory orders in Germany, an important indicator for Europe’s biggest economy, rose for the second consecutive month in February, official figures showed Thursday.</p>
<p>Orders were up 1.2% compared with January, which itself saw a 0.8% gain, the Economy Ministry said. It was the ninth increase in the past 10 months, the exception being a drop in December.</p>
<p>The gain was driven by demand at home, with orders from inside Germany rising 4%. Orders from other countries in the 19-nation eurozone were up 2.7%, but those from elsewhere in the world dropped 2.3%.</p>
<p>Last year, Germany’s gross domestic product shrank by 4.9%. That ended a decade of growth and was the biggest decline since the financial crisis in 2009. </p>
<p>However, Germany’s economy did better than several others in the eurozone as it was supported by manufacturing, which has taken less of a hit than services during the pandemic.</p>
<p>German authorities haven’t imposed any shutdowns on industry during the crisis, but many restrictions on businesses such as restaurants, bars, hotels and leisure facilities remain in place.</p>