German plant and machinery orders grew again in yearly terms in October, the country's engineering association VDMA said Thursday.
The data provide some hard evidence that the anticipated slowdown in German industry might not be as pronounced as feared.
A more robust manufacturing sector could help keep Europe's largest economy out of economic contraction, even as many weaker, austerity-stricken states suffer.
New orders were up by 7% in real terms in October, the group said. While domestic orders were down by 1%, foreign orders rose by 11%.
This followed September's 11% increase in total orders, which was the index's first annual rise in a year. The strongest momentum came from outside the euro zone, where orders were up by 14%.
Orders from within the euro zone were up 3%. VDMA Chief Economist Ralph Wiechers said in a press release that the one percent drop in domestic orders signalled a " glimmer of hope."
In the less volatile three-month comparison, orders from August to October were up 2% on the year.
Domestic orders were down 11%, while foreign orders were up 10% over the time period.
The VDMA, or Verband Deutscher Maschinen--und Anlagenbau, is a German engineering federation which represents around 3,000 mainly small to medium-sized engineering industry companies.
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The data provide some hard evidence that the anticipated slowdown in German industry might not be as pronounced as feared.
A more robust manufacturing sector could help keep Europe's largest economy out of economic contraction, even as many weaker, austerity-stricken states suffer.
New orders were up by 7% in real terms in October, the group said. While domestic orders were down by 1%, foreign orders rose by 11%.
This followed September's 11% increase in total orders, which was the index's first annual rise in a year. The strongest momentum came from outside the euro zone, where orders were up by 14%.
Orders from within the euro zone were up 3%. VDMA Chief Economist Ralph Wiechers said in a press release that the one percent drop in domestic orders signalled a " glimmer of hope."
In the less volatile three-month comparison, orders from August to October were up 2% on the year.
Domestic orders were down 11%, while foreign orders were up 10% over the time period.
The VDMA, or Verband Deutscher Maschinen--und Anlagenbau, is a German engineering federation which represents around 3,000 mainly small to medium-sized engineering industry companies.
nasdaq.com
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