Order intake to German mechanical engineering halved since last year

According to the German Association for Mechanical and Plant Engineering (VDMA), the order intake to the German mechanical and plant engineering was down by 49% (in real terms) in February as compared to February last year. Particularly hit was the business with foreign clients demand by whom fell by 50% while domestic demand decreased by 45%. Comparing the three-months-period from December to February the drop amounted to 44% (domestic demand: -38 %; foreign demand: -46 %). For this year VDMA expect output to fall by between 10% and 20%.

The VDMA revised its recent forecast from the beginning of April according to which output was expected to fall by -7%. Now the VDMA economists believe that output by German mechanical engineering is going to fall by between 10% and 20% in real figures this year. GERMAN