Cautious sings of growth in Germany


In August 2013, German machinery and tool orders increased by six percent in real terms against last year’s result. Domestic business rose by two percent, international business by nine percent, the German Engineering Association (VDMA) reported on Thursday in Frankfurt.
According to the less volatile three-month comparison, June to August 2013, incoming orders fell by one percent on a year earlier. Domestic orders increased by three percent while foreign orders dropped by three percent.
«In August, incoming orders saw positive growth rates for the first time after three months. The Eurozone countries stood out positively with plus 31 percent which is, however, mainly attributable to large-scale plant business. All in all, we consider the plus a positive signal, though the results of the holiday month August should not be over-estimated», VDMA Chief Economist Dr. Ralph Wiechers said when interpreting the result.