Despite the economic and political crises, the German digital and electronics industry is taking positive stock of the past year. “Industry price-adjusted output grew 3.7 percent — almost a precision landing for our four percent forecast,” Gunther Kegel, president of the ZVEI industry association, said on Wednesday. At the same time, nominal sales reached a record high of 224 billion euros, an increase of 12 percent.
The export volume also marks a new peak of 246 billion euros. “Our industry clearly benefits from the two main drivers of electrification and digitization, which are very closely linked to us.”
He was cautiously optimistic about the current year. “As of today, we assume that the real production will be black, which corresponds to a very high-level consolidation.”
The association criticized the slow expansion of the electricity grid infrastructure and the lack of digitization. The electricity grid is not meeting the expected multiplication of electricity demand due to the electrification of industry and transport. “To put it bluntly, it is not suitable for the energy transition,” says Wolfgang Weber, Chairman of the Board of Directors of ZVEI.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
