Metals, engineering sector set for third consecutive year of growth – Seifsa
The metals and engineering sector is set to grow for the third consecutive year in 2019, despite the past year having been generally challenging for both the global and domestic economies.
In light of the positive performance of the sector in recent years, this edition of the report was published under the theme ‘Sharpening the saw – continuously improving industry activity and competitiveness’.
He noted, however, that the various subsectors would register varied levels of growth, with some expanding and others contracting during the year.
“The prognosis aligns with the outlook for both a moderating global growth and domestic growth in 2018, underpinned by a slowdown in the pace of recovery in commodity exporters, deceleration of growth in commodity importers, a slowdown of growth in global goods and industrial activity during the first half of 2018 and the imposition of broad-based tariffs by the US on steel and aluminium imports.”
The majority of metals prices had weakened in 2018, mainly as a result of concerns about the impact of tariffs on global growth and trade.