VDMA: "Double-digit Decline in Mechanical and Plant Engineering" ^Featured

Commenting on the first calculations of 2020 production in the mechanical and plant engineering sector, Dr. Ralph Wiechers, VDMA chief economist, said:

"In the crisis year 2020, production in the mechanical and plant engineering sector in Germany fell by 12.1 percent in real terms compared to the previous year, according to preliminary calculations by the Federal Statistical Office. We had last estimated the decline at 14 percent. The deviation is the result of production declines in November and December in the mid-single digits, which were somewhat smaller tan expected.

But that doesn't change the fact that 2020 stands for the worst result since the financial crisis of 2009. At that time, the mechanical and plant engineering sector posted a production decline of almost 25 percent. For the current year, we continue to expect real production growth of 4 percent, which, given last year's sharp decline, is only the beginning of a catch-up phase, starting from a low level."