2023-05-24 12:06:46
After strong growth in the previous year, the domestic electrical industry should continue to grow this year. Although the plus will not be quite as strong as in 2022, the sector should definitely achieve the long-term average sales growth of 5 percent in 2023, writes UniCredit Bank Austria economist Günter Wolf in a press release. In the previous year, sales in the electronics industry rose by 24 percent, in electrical engineering they increased by 14 percent.
The economic prospects in the sector are currently clouding over somewhat. In electrical engineering, the production expectations of companies fell noticeably due to the weak order development in April. In the further course of the year, however, the situation might improve once more, provided that energy becomes cheaper and economic uncertainty decreases once more, says Wolf.
In electronics, growth rates in production and new orders slowed in the first quarter of 2023, but remained in the double digits. The continued confidence of companies is also reflected in high employment growth of 8 percent in the first four months of 2023. According to the economist, this would probably have been even higher if more workers had been available.
“In the long term, the electronics industry is well prepared because of its competitive strength,” writes Wolf. This is evident, for example, in foreign trade. On average, the domestic electrical industry has a world market share of 2 percent. The share of world exports is 0.6 percent. The high research quota also contributes to the success of the industry and creates growth opportunities. The research quota in the electronics sector is 12 percent, in electrical engineering it is 6 percent. In a European comparison, Austria is in the top field.
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