Germany's key machinery sector revs up

30th September 2004, Comments 0 comments

30 September 2004 , FRANKFURT - Germany's key machinery sector continued its strong resurgence in August, with both domestic and foreign demand showing double-digit growth rates, the industry reported Thursday. The machine manufacturer association VDMA in Frankfurt said new orders in August were 22 percent higher than in August 2003, amid a 30 percent surge in foreign demand, but also 10 percent higher domestic orders performance. For the three-month June-August period, machinery orders were 12 percent hig

30 September 2004

FRANKFURT - Germany's key machinery sector continued its strong resurgence in August, with both domestic and foreign demand showing double-digit growth rates, the industry reported Thursday.

The machine manufacturer association VDMA in Frankfurt said new orders in August were 22 percent higher than in August 2003, amid a 30 percent surge in foreign demand, but also 10 percent higher domestic orders performance.

For the three-month June-August period, machinery orders were 12 percent higher than in the same 2003 time frame, the VDMA said.

In the eight-month period through August, overall orders were 16 percent stronger this year, thanks to 20 percent growth in foreign orders and a robust 9 percent rise in new orders at home.

The figures underscore the recovery setting in the overall German economy, analysts said, with domestic demand now also starting to contribute to growth. Till now, German industry has relied mostly on exports to stay buoyant.

VDMA economist Ralph Wiechers notes that the machinery sector is a key early indicator for the German economy.

DPA

Subject: German news

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