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Financial News: German Engineering Industry Orders Drop 2% In 2016:

German Engineering Industry Orders Drop 2% In 2016: VDMA

02/06/2017 - 06:32:00 (RTTNews)

(RTTNews) - Orders received by the German engineering industry declined in 2016, mainly due to a slump in foreign demand amid the heightened political uncertainty across the world, figures from the Mechanical Engineering Industry Association, or VDMA, showed Monday.

Engineering orders declined 2 percent in 2016. In December, orders tumbled 15 percent, mainly due to base effect as there was strong big industrial plant business in the same month of the previous year, the VDMA said.

A 7 percent growth in domestic orders was inadequate to offset a 22 percent plunge in foreign orders in December.

In the fourth quarter of 2016, engineering orders fell 8 percent amid a 12 percent decline in foreign demand. Domestic bookings grew 4 percent.

"In contrast to the previous year, the year-end spurt in orders failed to materialize," VDMA Chief Economist Ralph Wiechers said.

"Given the many political uncertainties in the world, nothing more could be expected," Wiechers added.

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