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Domestic orders fell 13 percent. A 24 percent decline in foreign jobs was recorded in the export-oriented sector. “Unfortunately, given the ongoing collapse in the global economy, there are no signs of recovery in orders from home and abroad,” said Olaf Wortmann, economic expert at VDMA in Frankfurt.
In the less volatile three-month period from June to August 2023, orders fell 16 percent compared to the same period last year. According to the information obtained, companies are still benefiting from the order buffer that provides a 1.7 percent real production increase in the January-July period compared to the same period last year.
But this buffer is melting. Overall, the mechanical engineering association expects a 2.0 percent real decline in production for 2023. As the association recently announced, a minus of 2.0 percent is expected next year as well.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
