Military spending lifts German industrial orders to record high

Berlin, 17 Sep (KUNA) -- Official German data released on Thursday showed that industrial orders in Germany rose to a record high in July, driven by increased demand in the vehicle manufacturing sector, including military vehicles.

The German Federal Statistical Office, in a report issued from its headquarters in Wiesbaden, stated that orders in the manufacturing sector increased by 1.5 percent month-on-month and by 10.9 percent year-on-year in July.

The office explained that the rise was particularly driven by increased orders in the vehicle manufacturing sector, which includes aircraft, ships, trains, and military vehicles, noting that the sector received a large number of new orders.

It added that increased government spending on armaments may have contributed to the rise in orders, while the data could bolster hopes for a recovery in the German industrial sector after a prolonged period of weakness and stagnation.

In other sectors, the machinery industry recorded a slight increase in orders, while orders in the automobile sector declined amid growing competition from Chinese electric vehicles.

(END)