2024.03.0410:47:00UTC+00German Plant & Machinery Orders Decline 10% In January: VDMA

German manufacturers continued to receive fewer orders for plant and machinery in January compared to a year ago, the mechanical engineering industry body VDMA said Monday.

New orders for plant and machinery decreased 10.0 percent year-on-year at the start of the year.

Domestic orders fell 11.0 percent year-on-year, and foreign demand shrank 9.0 percent.

"There is still a lack of positive impetus for investment behaviour," VDMA chief economist Ralph Wiechers said.

"Only for parts of the foreign business does the hope of bottoming out remain intact."?

Demand from euro area countries declined 19.0 percent, and orders from non-euro countries decreased 5.0 percent.

The economist said the global economic recovery is still a long time away,? growth forecasts for Germany have even been withdrawn, and geopolitical challenges and uncertainties continue to exist.

In the November-January period, orders also fell 10.0 percent in real terms compared to a year ago, with a 13 percent slump in domestic demand and 8.0 percent fewer orders from foreign markets.