Growth in German plant and machinery orders accelerated in July, driven by domestic demand, the VDMA machine makers’ association said.
Orders, adjusted for inflation, rose 9 percent from a year earlier after increasing an annual 1 percent in June, the Frankfurt-based VDMA said in an e-mailed statement today. Domestic orders surged 20 percent, while export orders gained 3 percent. In the three months through July, orders climbed 10 percent from the year-earlier period.
“A slight decline in orders from euro-area partners weighed on exports,” VDMA chief economist Ralph Wiechers said in the statement. Overall, the figures confirm that “the period of roaring growth is coming to an end,” he said.