CAPTION: Strong August for German electrical and digital industry. (picture alliance/dpa)
A double-digit increase in orders and a significant rise in production gave the German electrical and digital industry a strong August. According to the German Electro and Digital Industry Association (ZVEI), new orders increased by 13.4 percent compared to the same month last year, with foreign business in particular showing growth. Real, i.e., price-adjusted, production of electrotechnical and electronic goods grew by 9.3 percent during the course of the year, the ZVEI announced in Frankfurt.
"August was thus the strongest month so far this year in the respective year-on-year comparison," explained ZVEI chief economist Andreas Gontermann. "Nevertheless, multiple challenges such as the energy crisis, high inflation, ongoing supply chain problems, and the Zero Covid strategy in China significantly obscure the outlook for the coming months."
The year-to-date balance is positive: From January to August 2022 inclusive, order value was 13.2 percent higher than in the same period last year. Production exceeded that of the first eight months of last year by 2.9 percent. Sales in the sector also increased: by 10.7 percent to 143 billion euros.
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