According to the German website of Reuters on September 1, the German machinery manufacturing industry will remain strong in the second half of 2010. Orders increased by 48% in July, with foreign orders increasing by 54% and domestic orders increasing by 38%. The less volatile three-month order statistics also showed that the industry recovered faster. From May to July, German machinery and equipment orders increased by 57% year-on-year, of which foreign orders increased by 60% and domestic orders increased by 51%.
According to Viechs, chief economist of the German Machinery and Equipment Manufacturing Association, the industry has experienced a V-shaped reversal since the summer of 2009 and is expected to achieve a 3% growth rate in 2010.
Machinery manufacturing is a traditional German competitive industry with 900,000 employees. Affected by the financial crisis, the output value of the industry in 2009 fell by a quarter to 151 billion euros.
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