German Industry Seems to Overcome Crisis

German industry demonstrates growth, which indicates that the worst of the financial crisis appears to have passed.German Factory orders increased for the fifth consecutive month in July, though the pace of growth sightly dwindled from June.Monday, Germany's Federal Ministry of Economics and Technology said factory orders rose 3.5% month-on-month in July after an increase of 3.8% in June, which was revised down from 4.5% rise reported previously. Economists had forecast growth to ease to 2% in July. Compared to the previous year, factory orders decreased 19.8% in July following a revised fall of 25.2% in the previous month. Orders have been falling since May 2008 on an annual basis, RTT news reports.