German machinery orders pick up in July
Domestic demand accelerated in the lead up to a volatile August
Domestic orders for German machinery accelerated by 20% while exports increased by 3% in July, the German machinery organisation the VDMA has confirmed.
In the three months through July, orders climbed 10% from the year earlier. Starting from the final quarter of 2010, sales of German machinery had been enjoying sequential growth, but with the euro-zone suffering a volatile month in August, July could signal the end of three-month period increases for now.
“A slight decline in orders from euro-area partners weighed on exports,” VDMA chief economist Ralph Wiechers said before adding that the figures confirm that “the period of roaring growth is coming to an end."