European engineering industries outlook 2011: High hopes despite political and economic challenges inside & outside Europe
10 May 2011
Orgalime economists estimate the engineering industry’s value of production in EU27 reached some €1 400 billion in 2009 and €1 510 billion in 2010. All major sub-sectors in Orgalime industry showed robust growth in 2010. The highest growth was registered in the electrical and ICT sector with growth close to 10%. Metal products grew by an estimated 6.7%, mechanical engineering by 6.1% and electrical and electronics including instruments and ICT by 9.7%. Overall, output of Orgalime industries increased by an estimated 7.5%, which was well above the long-term average growth rate of about 3%.
Commented Orgalime President Richard Dick: “Despite the overall improvement, the industry still has some way to go before the level of production is back to pre-crisis level. We need to keep in mind that the output of the engineering industries, represented by Orgalime, fell by a dramatic 20% in 2009. Although optimism is higher for the next years, we can not rule out that political unrest in some countries, as well as shortage of components and rising input prices, will have negative effects on the business of European engineering companies.”