Electrical industry slowed down

German electrical sector saw a decline of 4 per cent on the year over the period January to August.

Electrical industry slowed down
dpa

Frankfurt (dpa) - Production of electrical goods in Germany is set to fall by 4 per cent on the year as a result of a cooling global economy, the Central Association for the Electrical and Electronic Association (ZVEI) said in Frankfurt on Thursday.

Previous predictions had been for a rise of 1 per cent.

ZVEI economist Andreas Gontermann forecast that the domestic electrical sector would see production for 2019 as a whole "declining to the same extent as in the first eight months."

The sector saw a decline of 4 per cent on the year over the period January to August, with August falling as much as 8.2 per cent on the year.

Orders up to August fell by 1.6 per cent on the year, with the month of August again showing a sharp decline of 6.7 per cent.

Over the first eight months, turnover fell by 0.8 per cent to 125.6 billion euros (138.5 billion dollars).

The ZVEI statement said companies were not optimistic of a rapid improvement. "Assessment of the current position, along with general business expectations, came in lower than in the previous month," Gontermann said in reference to September.