European engineering industry continues to ride the wave

Following the upbeat performance of 2007 by Orgalime’s industries with the volume of production rising some 5.8 percent in the EU27, early official data sees the trend continuing during the early months of 2008. “This is again a strong figure” said Orgalime Secretary General, Adrian Harris “Overall, order books are filled above average, confidence is rather high, employment is up by some 250 000 and investment plans are still positive. This means that 2008 has started off well for our industry, the largest manufacturing sector in Europe.”

With the EU’s GDP up some 2.9 percent in 2007, most Orgalime members report that business has been strongly supported by demand arising from Asia and some other emerging markets. EU growth and intra trade were also high, especially in the Central and Eastern countries of the EU.

Vital for Orgalime industries is the demand for investment goods. Eurostat data shows that EU gross fixed capital formation grew by about 5.3 percent in 2007, a figure that was only slightly lower than in the year before. In a global context, demand for investment goods was also above the average growth trend. In some Orgalime member countries, shortage of resources is however affecting further expansion: many engineering companies still consider that the shortage of production capacity and skilled labour is a more important challenge than demand.

26 May, 2008
Press release

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