Orders for German Machinery Dropped 12% Year-on-year in May

Resource from: CBCC Likes:2932

Jul 14,2008

Orders received by German machinery manufacturers down 12% year-on-year in May, according to source from VDMA, the country's representative body for local machinery and industrial equipment manufacturers. Though German manufacturers suffered 12% decrease for both domestic and overseas orders, total value generated from orders received for the first fifth months still up 6% year-on-year. Industry development, according to Olaf Wortmann from VDMA, is closely affected by the appreciation of euros and escalating price of steel. Less new orders are received and profitability is lowered as a result. Despite all the bad news, VDMA expects total production value in 2008 to increase by 5%, reaching 190 billion euros as well as keeping up increment for the consecutive fifth years.

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