In the first quarter of 2018, order bookings in the German machine tool industry rose by 22% compared to Q1 2017. Domestic orders were up by 39%, while orders from abroad increased by 15%.

Wilfried Schäfer, executive director of Frankfurt-based VDW (the German Machine Tool Builders’ Association), said: “Our sector is continuing to turn in a highly dynamic performance during 2018, building on last year’s excellent performance.

"Domestic orders remain the prime mover, and metal-cutting and metal-forming technologies made equal contributions to the first quarter’s growth.

“Based on a sizeable increase in orders last year, which is set to continue, we are raising our forecast for production output growth from 5 to 7%.”

Dr Schäfer also said the VDW is confident that the global economy “will continue to offer a good business environment for the industry’s investments.

“The upturn in demand stands on a broad foundation in terms of both technologies and markets.”