Germany’s industrial orders rise 4.4% in May

07 July 2009 15:02  [Source: ICIS news]

TORONTO (ICIS news)--German industrial orders rose 4.4% in May from April, marking the third sequential increase in orders, the country’s economics ministry said on Tuesday.

The latest data was confirming expectations that industrial production in Europe’s largest economy would stabilise, the ministry said.

The improvement in May was driven by both domestic and export orders, and it covered many of the main industrial sectors, it said.

On a two-month sequential comparison – April/May compared with February/March – orders rose 4.2%.

However, compared with April/May of 2008, orders were down 33.5%, the ministry said.

Germany’s chemical producers expect production to drop 10% this year, according to a forecast by industry group VCI in May. In the main chemicals segments, the fall is likely to be closer to 15%, VCI said.

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