Free forex

DATA SNAP: German Nov Plant/Machinery Orders Up Real 7% YY

  By Karen Hage
  Of DOW JONES NEWSWIRES

FRANKFURT (Dow Jones)--New orders for Germany's plant and machinery industry rose a real 7% on the year in November, the industry group VDMA said Wednesday.

Domestic orders rose 1% and foreign orders were up 11% on the year in November.

Orders in the period from September to November were 11% higher than in the corresponding period a year earlier. Domestic orders were up 3% during the period and foreign orders were 16% higher.

"In spite of strains, the positive trend in foreign orders continues," VDMA Chief Economist Ralph Wiechers said in a press release. He noted that the November rise in orders came despite German machinery producers having recorded their best monthly results for domestic orders in November 2006 (up 24% from November 2005).

The coming months will show whether the slowing pace of growth in domestic orders is due to customers becoming more cautious with investment, or due to tax effects, he added.

Web site: http://vdma.org