Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

German engineering body scraps 2022 outlook - report

Stock Markets May 28, 2022 00:12
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

BERLIN (Reuters) - Germany's main engineering industry association has scrapped its 2022 production forecast, saying even a reduced estimate it made in March would no longer be met, according to a media report.

Inflation, COVID lockdowns in China and supply chain disruptions were compounding a broader economic slowdown, VDMA President Karl Haeusgen told the Welt am Sonntag newspaper in an interview for the paper's Saturday edition.

The association, which has over 3,400 members, initially predicted 2022 growth of 7%, before cutting that to 4% in March.

"But even that can no longer be sustained," Haeusgen was quoted as saying. He did not give a new forecast.

"Above all, we are impacted by material shortages," he said.

"The companies are short of semiconductors and a number of other electronic components, but the situation is also coming to a head again for metals and plastics," he said, adding this was fuelled more by Chinese lockdowns than Russia's war on Ukraine.

German engineers are also greatly concerned by the impact a possible halt on Russian gas imports would have on business, according to Haeusgen, who told the newspaper that a gas embargo "would place further stress on supply chains meaning that many parts would suddenly no longer be available".

German engineering body scraps 2022 outlook - report
 

Related Articles

ABN Amro's Q2 net profit beats despite rising costs
ABN Amro's Q2 net profit beats despite rising costs By Reuters - Aug 10, 2022

AMSTERDAM (Reuters) - Dutch bank ABN Amro beat analyst expectations on Wednesday with a jump of 21% in second-quarter net profit to 475 million euros ($485 million), as the...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email