The European Machine Tool Industry Association (CECIMO) concluded its annual general assembly this week with an encouraging outlook for its members’ industrial output and an even more optimistic view of the trend for machine tool exports. These were offered in spite of the evidence of global industrial weakness, the group acknowledged.
Brussels-based CECIMO is a union of trade associations for over 1,500 companies across the European Union, companies who are responsible for 97% of machine tool production in the region. They also comprise over 33% of the world’s machine tool production capacity. In addition to documenting trade and production developments, the group works to articulate policies for the machine tool sector.
Machine tool production in the EU rose 5% from 2014 to 2015, to €24.3 billion total, and CECIMO estimates now that this volume will remain even for 2016. This is based on the assumption that economic activity in Europe is stable, with indicators of strong consumer spending, a “very accommodative monetary policy,” and rising levels of business confidence, all of which point to an increase in capital investment in Europe.Read More