Bosch expects global economic growth to slow image

Robert Bosch, the world’s biggest car-parts supplier expects to see comparatively modest sales growth of between 3 and 5 percent in the current year.

“There is still a great deal of uncertainty with regard to future economic developments, even though the sovereign debt crisis in the euro zone has been defused slightly,” Franz Fehrenbach, the chairman of the Bosch board of management said.

The company said first-quarter revenue rose 5 percent, putting it on track to meet its 3-5 percent forecast rise, and said it planned to continue spending and investing over 7 billion euros ($9.2 billion) in future growth this year.

In Europe, Bosch said sales increased by 9.6 percent last year to 30.4 billion euros, led by the German market, which grew 11 percent to 12.0 billion euros. In Asia, Bosch sales rose by 8.9 percent to 12 billion euros, while sales in North America rose by 5.7 percent to 7 billion euros.

Although it recorded an over 10 percent increase in unit sales of its photovoltaic cells and modules, sales were said to have “significantly” fallen, due to the “dramatic” price drops.

Automotive Technology, the largest business sector, generated sales of 30.4 billion euros last year, and thus grew by 8.2 percent year on year.