ZVEI – German electrical and digital industry with record revenues in 2022
In December 2022, the German electrical and digital industry received 6.9 percent more orders than a year earlier.
Incoming orders from Germany (+ 9.4%) increased almost twice as fast as those from abroad (+ 4.8%). While customers from the euro area increased their orders by a fifth (+ 19.4%), orders from third countries fell by 2.4 percent.
In the past year as a whole, the industry received 10.0 percent more new orders than in 2021. The value of domestic orders rose by 9.0 percent, while foreign customers ordered a total of 10.8 percent more. Orders from the euro zone grew by 16.1 percent, while the increase in orders from countries not belonging to the common currency area was only half as high at 8.1 percent.
The price-adjusted production of electrotechnical and electronic goods exceeded the previous year’s level by 2.0 percent in December 2022. Subject to later revisions by Destatis, it achieved an increase of 3.4 percent over the past year as a whole.
The nominal revenues of the German electrical and digital industry totaled 20.8 billion euros in December 2022 – an increase of 12.8 percent compared to the same month last year. Domestic sales advanced by 15.3 percent to 10.2 billion euros, foreign sales by 10.5 percent to 10.6 billion euros. Business with customers from the euro zone (+ 11.0% to €3.5 billion) and third countries (+ 10.2% to €7.1 billion) developed similarly.
“Over the past year as a whole, the aggregated industry turnover amounted to a new record value of 224.6 billion euros,” said ZVEI chief economist Dr. Andreas Gontermann. “
The previous year’s level was exceeded by 12.0 percent.” 107.3 billion euros (+ 14.2%) were earned with domestic customers, 117.3 billion euros (+ 10.1%) with foreign ones. Business with the euro zone increased last year by 8.2 percent to 41.7 billion euros. After all, 75.6 billion euros were turned over with partners from third countries – an increase of 11.2 percent.
While industry-wide capacity utilization at the beginning of the first quarter of 2023 was 87.9 percent, only slightly lower than three months earlier (88.2 percent), the order backlog increased again from 5.2 to 5.6 months.
“Supply bottlenecks remain the biggest obstacle to production,” says Gontermann. “After all, the proportion of companies affected has recently fallen by a full ten percentage points to 68 percent. Half of the companies (49%) continue to struggle with the shortage of skilled workers. 18 percent of electrical companies report too few orders. A quarter of a year ago it was only 15 percent.”
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More information on ZVEI: See the full profile on EMR Executive Services
More information on Wolfgang Weber (Chairman of the Executive Board, ZVEI): See the full profile on EMR Executive Services
More information on Dr. Andreas Gontermann (Chief Economist, ZVEI): See the full profile on EMR Executive Services
More information on Federal Statistical Office (Destatis): https://www.destatis.de/EN/Home/_node.html + The Federal Statistical Office is the institution to contact first for official data on the society, the economy, the environment and the state.
