Mechanical engineering companies are not gaining momentum.

In November, orders fell by 13 percent compared to the same month last year, the German Engineering Federation (VDMA) announced on Wednesday. At 15 percent, the decline in domestic orders was similar to the 13 percent drop in orders from abroad. "A bottoming out to end this downturn is not yet in sight, as our customers worldwide would first have to regain confidence in foreseeable growth and stable political processes," explained VDMA Chief Economist Ralph Wiechers. In the less volatile three-month period from September to November 2023, the drop in orders amounted to twelve percent.

(Report by Tom Käckenhoff, edited by Ralf Banser. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)