German machine-tool orders jump in October

1st December 2014, Comments 0 comments

Rising foreign demand boosted Germany's key mechanical engineering sector in October, the VDMA industry federation said on Monday.

The manufacture of machine tools is an important part of Germany's industrial and export performance.

In October, overall incoming orders rose by 7.0 percent compared with the same month a year earlier, VDMA said in a statement, with export orders soaring by 9.0 percent and domestic orders up by 1.0 percent.

Taking a three-month comparison to iron out short-term fluctuations, overall orders rose by 7.0 percent in the period from August to October.

Foreign orders increased by 8.0 percent in the three-month period and domestic orders rose by 3.0 percent, VDMA calculated.

"The German economy is clearly more robust than people thought, even just a few weeks ago," said VDMA's chief economist Ralph Wiechers.

"The October data are a positive signal. But we mustn't get too sure of ourselves. A stabilisation is not an upturn," Wiechers said.

© 2014 AFP

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