VDMA
Incoming orders stagnate in August
The economic consequences of the war in Ukraine are dampening the business of machinery and plant manufacturers in Germany. Adjusted for price increases (in real terms), incoming orders stagnated in August compared to the same month last year, according to the VDMA.
Domestic orders were down 6% in real terms, while orders from abroad increased slightly by 2%. In view of supply bottlenecks, price increases and uncertainties, however, the result is more than respectable, analyzed VDMA Chief Economist Ralph Wiechers.
In real terms, the export-oriented industry received 8% fewer orders in the period from June to August 2022 than in the same period last year. Domestic orders were down 11% and foreign orders fell by 6%.
In view of the high order backlog, the VDMA recently continued to assume that production will increase slightly in 2022 as a whole. In the coming year, however, the association expects a price-adjusted decline in production of two percent. The association recently explained that significantly weaker growth in China, the war in Ukraine, high inflation rates and the resulting braking maneuvers by central banks suggest a reluctance to invest.
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