Jan. 12 (Bloomberg) -- German plant and machinery orders posted their first annual decline in almost two years in November, led by a drop in demand from outside Europe, the VDMA machine-makers’ association said.
Orders, adjusted for inflation, fell 12 percent from a year ago after increasing an annual 1 percent in October, Frankfurt- based VDMA said in an e-mailed statement today. It was the first decline since January 2010. Orders from abroad dropped 17 percent while domestic sales fell 2 percent. In the three months through November, overall orders fell 4 percent from the same period a year earlier.
“As orders were unusually strong in November 2010 we can’t talk of a slump here,” VDMA chief economist Ralph Weichers said in the statement. “In addition, the drop wasn’t due to reductions in the euro area, rather to fewer orders from outside Europe.”
--Editors: Matthew Brockett, Craig Stirling
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