Germany's economic troubles are intensifying, with the machinery and plant engineering sector, a vital component of its industrial backbone, facing a significant decline. Recent data from the German Engineering Federation (VDMA) reveals a worrying 27 percent drop in orders in May compared to the previous year. This follows a brief period of growth in April, indicating a volatile and uncertain market.
The VDMA highlights that the order intake's fluctuations mirror the ongoing reluctance to invest among customers. The domestic market is particularly hard-hit, with a staggering 44 percent decline in orders, while the foreign market saw a 16 percent decrease. Orders from Eurozone countries dropped by 12 percent, and those from non-Euro countries decreased by 17 percent.
Germany's overregulation and flawed energy policies are driving businesses abroad, exacerbating the economic downturn. The country is heading for economic desaster!