Economic Outlook 2007/2008

”Europe’s engineering industry is expected to reach a growth in volume of production of 7.0 percent in 2007 with prospects for 2008 looking good” said outgoing Orgalime President Pr. Edward Krubasik, adding ”we expect that the industry will continue to expand and output will only slow down gently. In terms of volume, we expect growth of 4.3 percent in 2008. Demand is still high and order books are close to full. Capacity constraints, higher cost of capital and slightly less favourable exports due to currency appreciation will all contribute to somewhat lower growth next year. Employment in our industry which stood at 10.6 million people in 2006, rose in 2007 and will continue to do so in 2008. As a major high technology industry and a major employer, this industry is really contributing to Europe’s growth and jobs strategy. I feel that our work here in Brussels has contributed to shaping the EU’s industrial policies which in turn will help to continue this excellent result in the future.”

This is the major message of Brussels based ORGALIME that represents the European engineering industry as a whole. The organisation has just released its latest economic forecasts.

20 November, 2007
Press release

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