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German engineering orders fall 11% year-on-year in October - VDMA

German engineering orders fall 11% year-on-year in October - VDMA
FILE PHOTO: German car manufacturer Porsche assemble sports cars at the Porsche factory in Stuttgart-Zuffenhausen, Germany, February 19, 2019. Ralph Orlowski -
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BERLIN (Reuters) – German engineering orders fell by 11% in October year-on-year as many customers are holding back on investments due to global economic worries, the VDMA industry association said on Wednesday.

“The latest signs of hope for an end to the German industry’s economic downturn are not yet having an effect on the order books of mechanical engineering companies,” VDMA’s chief economist Ralph Wiechers said in a statement.

(Reporting by Thomas Seythal, editing bz Thomas Escritt)

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