June 29, 2017 / 8:00 AM / 5 months ago

German VDMA raises 2017 engineering output f'cast to +3 pct y/y

    BERLIN, June 29 (Reuters) - The German VDMA industry
association raised its 2017 production forecast on Thursday,
citing strond demand from euro zone countries, Asian markets and
domestic clients.
    VDMA said it now expected engineering production to rise by
3 percent on the year in real terms in 2017, up from its
previous estimate of an 1 percent increase.
    "Business morale is really good. Everything is set for a new
upswing," VDMA economist Ralph Wiechers said.
    The association said engineering orders jumped 17 percent in
real terms in May from the previous year. Orders from abroad
rose 23 percent, with demand from euro zone countries jumping 34
percent, the VDMA said. Domestic orders for machinery and other
engineering products were up 5 percent.
    In the less volatile March-May comparison, orders rose by 4
percent on the year, VDMA said. Domestic demand was up by 2
percent and foreign orders rose 4 percent.

             MAY                   CHANGE IN PERCENT
           overall                    +17 pct y/y
       of which German                 +5 pct y/y
               foreign                +23 pct y/y
          MARCH-MAY                CHANGE IN PERCENT
           overall                     +4 pct y/y
       of which German                 +2 pct y/y
           foreign                       +4 y/y

 (Reporting by Michael Nienaber; Editing by Maria Sheahan)

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