Considerable revenue increases were recorded in almost all Group product segments, with the only exceptions being the deep foundation machines and tower cranes product segments.
In construction machines and mining, Liebherr achieved revenue of €9.557 billion, which represents an increase of 11.6% on the previous year. This includes the product segments of earthmoving, material handling technology, deep foundation machines, mining, mobile and crawler cranes, tower cranes and concrete technology.
Liebherr's disclosed numbers were even more notable given that the International Monetary Fund reports that global economic growth slowed to 3.1% in 2023.
The ongoing impacts of the coronavirus pandemic, the war in Ukraine and the rising cost of living have continued to have a negative impact on the global economy. There was, however, some slow recovery from these challenges. The economy was more resilient than presumed in the face of war-related market disruption and tightened monetary policy. Although global economic growth slowed and has not yet returned to pre-pandemic levels, it did not become stagnant. Having reached a peak in 2022, inflation fell again in the business year. This decline was propelled by more moderate energy and food prices and the recovery of supply chains.
Overall, the global economy continued to grow slightly. This was evident, in particular, in emerging market and developing economies, which grew by 4.1%, whereas industrialised countries only recorded growth of 1.6%. Particularly striking here is the small increase of 0.5% in the eurozone—compared to 2.5% growth in the US economy.
