German economy continues to struggle
Source: Agencies |
January 13, 2010, Wednesday
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Print Edition
Print Edition
GERMAN machinery and factory equipment orders continued to drop while bankruptcies are rising, in signs that Europe's largest economy is still struggling.
The Federal Statistical Office said yesterday German bankruptcy courts reported 14,180 new filings in October, 6.7 percent more than October 2008.
From January to October 2009, the courts registered 135,517 insolvencies, 4.1 percent more than the same period in 2008.
Meanwhile, the industry group VDMA said machinery and factory equipment orders fell for the 14th consecutive month in November - by 12 percent from a year earlier.
For September to November orders were down 25 percent over the same period the year before, the Frankfurt-based group reported.
VDMA chief economist Ralf Weichers said the results showed, however, that the downturn in the industry appeared to be easing. In October, orders were down 29 percent year on year.
"The order results from November confirm our prediction that the strong decrease in machine orders is coming to an end," he said.
Germany's export-dependent economy technically emerged from a deep recession in the second quarter, but the country's companies and workers still face slack demand and rising unemployment.
Full-year GDP figures for 2009 are being released today. The government has predicted a 5 percent decline, which would be by far the worst economic performance since World War II.
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