Industry recovery in progress within the manufacturing sector
Wiesbaden — The manufacturing sector in Wiesbaden is on a gradual recovery path from the initial shock of the coronavirus pandemic earlier this year. According to preliminary statistics from the Federal Statistical Office (Destatis), the order intake in October 2020 increased by 2.9% compared to September 2020, on a seasonally and calendar-adjusted basis. Compared to the same month last year, October 2019, there was an increase of 1.8%.
Compared to February 2020, the month before the pandemic-induced restrictions in Germany, the order intake in October was 0.8% higher. In the automotive industry, the largest manufacturing sector, the order intake continued to rise in October 2020 (+1.0% compared to the previous month) and was 6.0% above the pre-crisis level in February 2020. Domestic orders increased by 2.4%, while foreign orders rose by 3.2%. Orders from the Eurozone increased by 0.5%, while orders from the rest of the world surged by 4.8%.
The order intake in the sector of manufacturers of intermediate goods was 2.3% higher than in the previous month, while producers of capital goods experienced a rise of 3.8%. On the other hand, the producers of consumer goods saw a decrease of 2.2%. For September 2020, the revised preliminary results showed an overall increase of 1.1% compared to August 2020.
The real turnover in the manufacturing sector increased by 4.0% in October 2020 compared to the previous month. However, it was 4.6% lower compared to February 2020, the month before the pandemic-driven restrictions in Germany. The revised preliminary results for September 2020 showed an overall increase of 1.7% compared to August 2020.
Germany's economy has shown signs of recovery from the pandemic, with a cautious optimism about future growth. Despite the overall recovery, the automotive sector has faced significant challenges, including supply chain disruptions and shifts towards electric vehicles. These factors have affected production and demand, but specific recovery data for Wiesbaden was not available in the search results.
As part of the Rhine-Main region, Wiesbaden hosts significant industrial and economic activities, including manufacturing. The regional recovery would typically align with broader national trends in Germany, although specific data for Wiesbaden was not detailed in the search results.
Steel production photography via dts Nachrichtenagentur.
References:[1] Germany's €500 billion infrastructure investment program to stimulate economic growth. Source: Der Spiegel, https://www.spiegel.de/wirtschaft/germany-investiert-500-milliarden-euro-um-die-wirtschaft-zu-stimulieren-a-f3916b8e-3110-49ba-9a5a-de75664b70e1, accessed on February 21, 2022.
In the broader economic context, the German government plans to invest €500 billion to stimulate growth, potentially involving other sectors like finance. The manufacturing sector in Wiesbaden, however, has yet to release specific data about its financial recovery from the COVID-19 pandemic.
