ContiTech industrial markets on downward track in Q2

Hanover, Germany – ContiTech has recently noted a slowdown in industrial production in the Eurozone and US regions in the second quarter of 2023.

Output trends across many industries are “crucial for the success of ContiTech,” parent group Continental noted in its half-year financial report.

ContiTech products are used in equipment, machinery and vehicles for railway transport, mining, agriculture and other key industries, explained the statement.

According to the Hanover-based group, industrial production in the Eurozone and the US initially saw a moderate rise in the first quarter of the year.

“In the second quarter, however, production in the US stagnated at around the comparatively strong level of the previous year, while it fell slightly in the Eurozone,” it noted.

In China, meanwhile, industrial production increased following the removal of Covid lockdown restrictions, according to Continental.

Looking at the second half of 2023, Continental reported industrial production in the Eurozone and China to be roughly on a par with first-half levels.

In the US, however, the Hanover group saw "a weakening of the current trend and negative growth rate.”