Factoid of the day: Industrial new orders in the Euro area

Eurostat still publishes data on industrial new orders – but at this moment does not publish press releases. Which gives us the possibility to tinker a bit with the data. The graph shows total new orders in the Euro area, divided into:  

* orders from outside this area

* and orders from inside the area.

Non-euro area orders are back to the 2007/2008 level, euro area orders are still clearly below this level. Mind that this is a nominal variable! The pattern for individual countries is in most cases roughly comparable, sometimes a bit more extreme like in Germany and sometimes a bit less extreme, like in Spain. If the Euro area, except for Germany, wasn’t experiencing a serious dip at this moment the German economy would probably start to show clear signs of overheating.