Germany: Woodworking machinery fares better than expected

German producers of woodworking machinery fared better than had initially been expected last year. In April 2015, the Woodworking Machinery Federation within the German Engineering Association (VDMA) had forecast that production revenues would reach about €2.7billion in the full year. This would have corresponded to a growth rate of about 3% compared with 2014’s total of €2.6billion. According to figures unveiled by the VDMA association at the meeting of its members on 12 and 13 May in Geisenheim, manufacturing actually rose by as much as 6.5% to roughly €2.8bn. This year is expected to bring another 5% growth to €2.9billion. Manufacturing revenues would thus move close to 2007’s record of €3.0billion. 

According to figures that the VDMA association derived from data from the German Federal Statistical Office, production had softened to €2.9bn in 2008. A sharp plunge to €1.9bn then followed in 2009. Woodworking machinery production has since staged a gradual recovery in Germany: After rather stagnant business in 2012 and 2013, the upward trend intensified in 2014. The 5% growth in production to €2.5bn first assumed by the VDMA association for 2014 as a whole was later revised upward; an 8.5 % hike to €2.6bn was achieved.

Source: EUWID