German machine manufacturers expect 5-pct growth in 2018: report

BERLIN, April 23 (Xinhua) -- German machine manufacturers expects a year-on-year growth of 5 percent in 2018 from a year ago, head of the country's engineering trade body said on Monday.

According to the German news agency dpa, president of the German Engineering Federation (VDMA) Carl Martin Welcker based the forecast on strong order bookings to date that are now resulting in growing revenues.

He said there would continue to be strong demand in future. Already in January, the industry's degree of capacity utilization had reached 87.9 percent, its highest level since April of 2012, dpa said.

Despite good prospects for the United States as the largest single market, Welcker expressed concerns about the ongoing trade dispute.

He strongly criticized the protective trade policies of U.S. President Donald Trump.

Speaking at the Hanover Trade Fair, Welcker expressed "great concern" over Washington's recent announcement of new tariffs on imports. "The biggest risk for industry these days is growing nationalism and protectionism," a statement by Welcker read.

The Chinese market is also expected to experience decreasing growth for German machinery after registering a jump of 23 percent in 2017.

The VDMA expects continued strong growth in other EU countries except Britain. "We do not exclude even a [percentage] minus in the order of two digits. Brexit will leave significant marks on investments on this island," Welcker said. Enditem