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German machinery and plant producers saw a double-digit increase in new orders in February for the first time since October 2018, up 12% over the same period a year ago, the VDMA noted Thursday, with the organisation's chief economist, Ralph Wiechers, pointing to strong demand not just in Asian countries, but other regions outside of Europe as well.
February's increase more than offset January's decline (-10.0%) due to the 17%-increase in foreign orders, while domestic orders rose only 2.0%. "Domestic demand has caught up, but the recovery process still leaves much to be desired. More than catch-up effects are required for an independent dynamic", Wiechers noted.