German Industry Expects Massive Downturn
The ifo index for production expectations fell from plus 2 to minus 20.8 points in March, marking the sharpest decline since the survey began in 1991. Expectations are particularly pessimistic in the auto industry, where the index fell from plus 4.2 to minus 36 points. In mechanical engineering, it dropped from minus 10 to minus 24 points.
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The corona pandemic is severely affecting all sectors: in metal production and processing as well as in other vehicle construction, the index fell to minus 37 points. For manufacturers of food and beverages, production will fall in the next three months but remain in positive territory. It dropped from plus 20 to plus 3.8 points for food producers and from plus 27 to plus 6.4 points for beverage manufacturers.
Source: ifo Institute – Leibniz Institute for Economic Research at the University of Munich
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