In the second half of the year, uncertainty was the prevailing trend, and a slight slowdown in attracting new projects was observed. Nevertheless, the sector maintained a good level of activity, closing 2023 with 7.4% growth,” commented Fernando Gastaldo, Vice President of AFMEC.
Exports, which account for 28.6% of revenue, grew by 20.5% in 2023. The main destinations were France (33.3%) and Germany (19.1%), followed by the United States (15.4%), Finland (6.2%), and Morocco (3.2%).
AFMEC companies have a wide range of client sectors, including machine tools and capital goods (26.9%), power generation (21.3%), aeronautics and aerospace (11.3%), automotive (7.5%), and metal structures and construction in general (6.7%).
In 2023, companies in the sector saw their investment in equipment reduced by 13.9% compared to 2022. According to Fernando Gastaldo, “Investment in modern production equipment is fundamental in our sector, as our companies target clients with very high levels of demand and precision. In 2023, the high level of interest rates, as well as uncertainty in global geopolitics, led companies to carefully manage their investments. In this regard, government programs designed to promote investment are tools that allow companies to acquire the best production equipment and thus be internationally competitive.”
Despite the positive figures for 2023, several factors are causing concern among companies in the sector. In the words of Fernando Gastaldo: “Another concern is the widespread increase in costs we have experienced in recent years, which translates into a reduction in margins that were already very tight. For companies to remain competitive and generate value for society, they need to be economically sustainable.”
Regarding the outlook for 2024, Fernando Gastaldo states: “It’s difficult to make forecasts in such an uncertain environment as the one we are currently experiencing. However, the level of business activity is currently good, so we anticipate a slightly positive first half of 2024, with a possible slowdown in the second half of the year.”
The association comprises 190 companies, with an average workforce of 27 employees per company. Employment grew by 2.6% in 2023, a figure that consolidates the increases seen in 2021 and 2022.
Fernando Gastaldo states: “One of the main factors limiting the growth of our companies is the difficulty of attracting talent to the sector, given the shortage of people with technical training. Companies need to hire qualified technical professionals, but the number of young people training at vocational training centers and universities is insufficient to meet the existing demand.”
AFM Cluster is launching various initiatives aimed at addressing the strategic challenge of attracting, retaining, and training talent. In the words of Fernando Gastaldo: “We have launched a powerful project to attract talent. A prominent and original image campaign has been designed to bring different groups closer to the sector, especially young people and women, culminating in the WORKINN TALENT HUB trade fair at BIEMH. We are also promoting the industrial employment platform JOIND.ES, which aims to connect companies with job seekers.
