Rising orders for mechanical engineering sector in Germany. (picture alliance/dpa/archive)
German machine makers posted a sharp rise in orders for the month of October, defying concerns of uncertain global market conditions.
Orders in the mechanical engineering sector rose 12 per cent on the year in real terms, the Mechanical Engineering Industry Association (VDMA) reported in Frankfurt on Tuesday.
Domestic orders were up 11 per cent and foreign orders up 12 per cent, compared with October last year.
"The mechanical engineering sector is proving to be robust; stagnation in orders over the month of September was largely compensated for," VDMA chief economist Ralph Wiechers said.
Over the first 10 months of 2018, orders were 7 per cent up on the same period in 2017 in real (price-adjusted) terms. The VDMA is expecting a real rise of 5 per cent for the year as a whole.
Expectations for 2019 are more subdued, with the VDMA pointing to conflict over global trade and the effects of Brexit.
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