The European technology industries continue to grow at a phenomenal pace: 5.0 % in 2017, according to the latest figures from Orgalime’s economists. For comparison, eurozone GDP grew by 2.5% over the same period – a figure hailed as a ten-year high.
This marks the fourth consecutive year of growth for the mechanical engineering, electrical, electronics and metal technology industries represented by Orgalime. And with output forecast to rise again by 3.5% in 2018, this impressive run looks set to continue. Annual turnover currently stands at around €2,000 billion euro; for context, the GDP of France was €2,029 billion in 2016.
Clearly, the technology industries are a central pillar of the EU economy. But with rising political uncertainty fuelled by populism and anti-globalism, and increasingly fierce competition for industrial investment from the US and China, past success will no longer be a guarantor of future growth.
Read Orgalime Director General Malte Lohan’s in-depth analysis of what is driving the tech industries’ success – and how Europe can prepare for the challenges that lie ahead.