The VDW (German Machine Tool Builders’ Association) expects production in the German machine-tool industry to grow by 6% to around €12.6bn in 2021. At the association’s annual press conference, chairman Dr Heinz-Jürgen Prokop (pictured) stated that the improved mood in the economy is raising the willingness to invest. “After two years of great restraint, there is now a strong need to make up ground,” he said.

China is proving to be the principal driving force behind the economic green shoots, particularly for the automotive industry. In Europe, too, the expectations are that investment will rise again by 10% after the major slump. Oxford Economics, the VDW’s forecasting partner, is predicting strong growth of 35% for orders in 2021. According to the VDW, there were already indications of this improvement in November and December.

For further information www.vdw.de