German industry orders hit record

Frankfurt: German industrial orders climbed to a new high in July, official data showed Monday, as the economy continued its strong recovery from the coronavirus pandemic.

The indicator rose 3.4 percent on the previous month to reach its "highest level since the beginning of the time series in 1991", when it began after the reunification of Germany, according to federal statistics agency Destatis.

Orders were up 24.4 percent compared with July last year, when the effects of pandemic-related shutdowns were still being felt acutely. Compared with February 2020, the month before pandemic restrictions were imposed in Germany, orders were up 15.7 percent, the agency said. The previous high point had been reached in December 2017, well before the pandemic.