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- German engineering orders fall 11% year-on-year in October - VDMA
German engineering orders fall 11% year-on-year in October - VDMA
German engineering orders fell by 11% in October year-on-year as many customers are holding back on investments due to global economic worries, the VDMA industry association said.
"The latest signs of hope for an end to the German industry's economic downturn are not yet having an effect on the order books of mechanical engineering companies," VDMA's chief economist Ralph Wiechers said in a statement.
Domestic orders fell by 13 per cent in October, while demand from abroad fell by 10 per cent. The number of orders from the euro countries was 8 percent lower, while the number from the non-euro countries was 13 percent lower.
"In many areas of mechanical engineering, we are seeing customers holding back on their investments. The reason for this is continuing uncertainty as to how the global economy will continue in the short and medium term," said Wiechers.
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