Carry out
Ifo: Industry expects export business to decline
One in four jobs in Germany depends on exports. But things aren’t going well anymore. Now the mood is deteriorating further.
German industry is expecting worse export business in the next six months. The export expectations determined by the Ifo Institute fell to minus 6.7 points in October, after minus 6.5 points in September. “Companies are currently not benefiting from the positive economic development in other countries,” says survey leader Klaus Wohlrabe. “The export industry’s dry spell continues.”
The automotive and metal industries fear the greatest losses. According to the Ifo, food and beverage manufacturers, however, expect increasing exports. Paper manufacturers also planned with a slightly positive trend. Expectations among manufacturers of electrical equipment have also brightened noticeably.
The weak foreign business is one reason why the German economy is on the verge of recession. The federal government expects gross domestic product to shrink by 0.2 percent this year. It would be the second year in a row with a recession.
dpa
Source: Stern
