The German electrical and digital industry brought a strong August. According to the Zvei industry association, new orders increased by 13.4 percent compared to the same month last year, with international business in particular increasing. The real, i.e. price-adjusted, production of electrical and electronic goods grew by 9.3 percent within a year, as the Association of the Electrical and Digital Industry announced on Tuesday in Frankfurt.
“In a year-on-year comparison, August was the strongest month so far this year,” explains ZVEI chief economist Andreas Gontermann. “Nevertheless, there are multiple challenges such as energy crisis, high inflation, ongoing supply chain problems or the Zero Covid Strategy in China look at the coming months considerably.”
The annual balance so far is positive: from January up to and including August 2022, the order value was 13.2 percent higher than in the same period of the previous year. Production exceeded the first eight months of the year by 2.9 percent. Sales in the industry are also increasing: by 10.7 percent to 143 billion euros.