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Jun 22, 2009, 9:44 GMT

Siemens says government spending to bring sales gains

Munich - German electronics and engineering group Siemens said Monday that economic stimulus by governments would eventually boost sales of its products, but noted that sales in the second half of this year would decline. Siemens, which makes products from wind turbines to trams, has been saying it is well positioned to gain from anti-recession programmes focused on 'green' growth. Sales in the third and fourth quarter of this year would be weak, chief executive Peter Loescher said in a statement. 'Even after analysing the economic-stimulus programmes, this forecast still applies,' he said. Siemens said the key pump-priming programmes, from its point of view, were those of the United States, China and Germany. But the stimulus programmes would not have a 'stabilizing' effect on Siemens' sales until next year, at the earliest. Referring to the recession, Loescher said the rate of decline was slowing and there was hope it would soon bottom out. Over the next three years, economic stimulus by governments around the world could boost Siemens overall sales by 15 billion euros (21 billion dollars), with 6 billion euros of the gain involving 'green' technology. This would increase the share in the total of Siemens' environmental products, which booked sales last year of 19 billion euros. Overall Siemens sales last year totalled 77 billion euros.

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