Europe’s technology industries hit hard by coronavirus at a most vulnerable time
Orgalim’s economists compile and analyse the latest data and forecasts of the technology industries twice a year. Specifically, we analyse the economic trends of metal products, mechanical engineering and electrical engineering, electronics, ICT and instruments, as well as the sector installation and repair services.
Manufacturing in the Euro-area experienced a substantial deterioration in its business cycle as the impact of COVID-19 hit both the demand and supply sides of the technology industry. In the industries represented by Orgalim – a substantial part of the European technology – the reduction in output was unprecedentedly strong, overtaking that experienced during the financial crisis of 2008-2009. As hard data will only be available at the earliest in the second half of 2020, we base the below analysis on business sentiment indicators. That being said, reports from Orgalim’s national member associations show a consistent picture of the significant impact of the crisis, with slight deviations in numbers.
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