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German engineering production grows less than expected in 2021 on supply woes -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A worker at Volkswagen’s assembly line in Wolfsburg (Germany), April 27, 2020. Swen Pfoertner/Pool via REUTERS/File Photo

BERLIN (Reuters), The VDMA, a German engineering organization, has cut its production forecast for 2021. This was due to supply chain bottlenecks that have impacted Europe’s largest economy.

VDMA has revised its forecast of production growth for this year to 7%, down from 10% in September.

VDMA reported that engineering orders increased by 34% real terms over the first ten month of 2021. However, production rose only 7.2% during the same time.

Karl Haeusgen (VDMA President) stated that “We could produce more had the different supply bottlenecks been not so persistent.”

According to the association, it raised its 2022 production forecast. It said that the bottlenecks will continue at least through the second quarter next year.

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