REUTERS/Kai Pfaffenbach/File Photo Acquire Licensing RightsBERLIN, Sept 12 (Reuters) - Germany's engineering association (VDMA) expects production in the sector to extend its decline next year, falling 2% dragged by weak orders domestically and abroad, its Chief Economist Ralph Wiechers said.
Wiechers confirmed VDMA production forecast for 2023 of a 2% drop, adding that losses in the second half of the year would eat up the 1.7% growth recorded in the first six months.
"2024 will be a kind of transition year," Wiechers told Reuters.
German exports to China grew by 4.4% in the first half of the year but growth was still significantly less than in the United States where sales rose by 21.6%.
Reporting by Tom Kaeckenhoff; Writing by Riham Alkousaa; Editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.
Persons:
Kuka, Mercedes Benz, Kai Pfaffenbach, Ralph Wiechers, Wiechers, Tom Kaeckenhoff, Riham Alkousaa, Tomasz Janowski
Organizations:
Daimler, REUTERS, Rights, Reuters, Thomson
Locations:
Rastatt, Germany, Ukraine, China, United States