Mechanical Engineering Sector in EU to Grow by 3% in 2022

Brussels based the European Steel Association EUROFER in latest Economic and steel market outlook 2022-2023 has said that “Output in the mechanical engineering sector grew by 10.1% in the first quarter of 2022, recording the fifth consecutive quarterly increase of 12% in the fourth quarter of 2021. Driven by the overall recovery of the industrial sectors after the impact of COVID-19, the rebound recorded since the third quarter of 2020 brought back output to absolute high levels, albeit still below those recorded before 2019.”EUROFER said “Recovery in orders and output gained speed up to the third quarter of 2021, but it has been clearly exposed to downside risks since then. Among them, the ongoing global supply chain issues, which are considerably disrupting industrial activity in the EU as welI as in other world economies, and the even more disruptive impact of Russia's invasion of Ukraine. The latter has not yet been reflected in the sector’s output to a considerable extent, but output is expected to slow down, and even shrink, over the remaining quarters of 2022.”EUROFER said “Output in mechanical engineering is set to grow only modestly in 2022 by 3.2% and at an even lower rate in 2023 by 2.6%.”

Mechanical Engineering Sector in EU to Grow by 3% in 2022

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