German machinery and equipment orders grew in September because of strong foreign demand. Orders rose by 13 per cent in September compared with the same month last year, the German Engineering Association (VDMA) said after several months of weak figures. Foreign orders increased by 24 per cent, as a result canceling out a 9-per-cent slump in domestic demand, the VDMA said.
“Once again business was boosted by numerous major orders,” said VDMA chief economist Ralph Wiechers, adding that the bulk of the orders came from countries outside the 18-member eurozone.
Based on a three-month comparison, which helps to smooth out short-term fluctuations, machinery orders rose by 5 per cent year-on-year between July and September when compared with the same period in 2013. Domestic orders gained 1 per cent, while international orders increased by 6 per cent, VDMA said.