European engineering industry on the rebound - from recovery to solid growth?

After a severe drop in output of over 22% in 2009 The European engineering industry has bounced back after the severe recession in 2009. Output in the industry in terms of volume is expected to grow by just over 5 percent in 2010, driven to a significant extent by demand outside the EU.


The recovery is expected to continue at a more modest pace in 2011 since the aftermath of the financial crisis is not yet fully over in many European countries. In 2011, output in the European engineering industry is now expected to grow by 4.5 percent. Output growth is expected to decelerate somewhat in metal goods and for electrical, electronic and ICT sector. Positive factors are that capital formation and employment will start to grow after some years of contraction and that production of machinery will expand at a higher rate than in 2010.

Published
28 October, 2010
Category
Press release
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