ZVEI
Growth only in exports
The German electrical industry was only able to record growth in exports in 2019; production, sales and incoming orders, on the other hand, declined, as the ZVEI announced at the start of the year press conference.
"The German electrical industry is strongly integrated into global value creation processes. The simultaneous global weakness in trade, investment and industrial production in the past year has hit the sector hard," said ZVEI President Michael Ziesemer, assessing the situation. Price-adjusted production in the electrical industry from January to November 2019 was 4.2% lower than in the previous year. Turnover fell slightly by 1.2% to €175.6 billion and is likely to have amounted to €191 billion for the year as a whole. For 2020, the ZVEI expects production to remain stable at best.
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