VDMA
Ukraine war dampens order intake in mechanical engineering
The economic consequences of the war in Ukraine were reflected in the order books of German mechanical engineering companies in March. This was reported by the VDMA.
Adjusted for price increases, orders fell by 4% (in real terms) compared to the same month last year, as announced by the industry association VDMA on Tuesday (May 3). "A lack of orders or even order cancellations from Russia and Ukraine are likely to have led to this decline, as well as a generally greater reluctance to buy on the part of unsettled investors," explained VDMA Chief Economist Ralph Wiechers.
In addition, supply chain problems became more noticeable again, partly as a result of the coronavirus lockdown in Shanghai. Domestic orders fell by 3% and orders from abroad by 5%.
Despite the decline in March, companies in the export-oriented sector still recorded an overall increase in orders of 7% in the first quarter compared to the same period of the previous year. The VDMA had recently significantly lowered its forecast for this year in light of the Russian attack on Ukraine. Instead of the originally expected production growth of 7% in real terms, an increase of 4% is now expected.
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