VDMA confirms forecast
224 billion mark in sight
The VDMA summed up the year to date at its annual press conference: According to this, the forecast raised in July can be met. The association is also optimistic about 2018.
VDMA President Carl Martin Welcker: "The year 2017, which is coming to an end, can justifiably be described as a year of upswing".
© VDMA
The growth of another 3% forecast for 2018 would mean an increase in turnover to EUR 230 billion.
© VDMA"In 2017, the mechanical engineering industry will exceed the €220 billion mark in turnover for the first time - the target is €224 billion," said VDMA President Carl Martin Welcker at the annual press conference in Frankfurt. The association is thus confirming its annual forecast, which it raised to 3% growth in July. "For 2018, we expect the momentum to remain the same, i.e. production growth of 3% once again," he added.
However, the industry will have to live with many uncertainties at home and abroad in the coming year, which could prevent a higher pace of growth. In Germany, however, there is justified hope that the long-standing investment backlog will gradually clear. "Many of the older machines and systems on the market are unlikely to be able to cope adequately with advancing digitalization. This gives us confidence that domestic orders will finally pick up again," explained Welcker.
How the year has gone so far
The association used the annual press conference to take a closer look at the first nine months of the year: According to the report, exports were once again the guarantor of success for mechanical engineering from Germany this year. In total, goods worth 124.4 billion euros were delivered abroad in the first nine months of 2017 - an increase of 6.2% in real terms compared to the previous year. Three out of four machines were destined for export, with the EU remaining by far the largest sales region. 46.5% of all exports went to the 27 partner countries of the European Union. The USA remained the largest single export market during this period, but China recorded significantly stronger growth. "China is well on the way to reclaiming the top spot in our export rankings. At the beginning of the year, we would not have thought it possible for exports to grow by 24% in the first nine months. However, growth in exports to China will slow down somewhat in 2018 due to the level already reached, Welcker analyzed.
The association is monitoring the developments surrounding Brexit with concern. In the first nine months of 2017, exports to the United Kingdom, the fourth-largest single export market, fell by 4.5% compared to the previous year.
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