Reuters – German industry remains in recession but is no longer in free-fall and an improvement in the sector’s prospects is coming into view, the Ifo economic institute’s president said on Thursday.

Ifo reaffirmed its 2020 growth forecast of 1.1% and increased its 2021 outlook for Europe’s largest economy to growth of 1.5% from 1.4% previously forecast.

“The industry is suffering from a recession but other economic sectors are doing well. Construction is booming,” Ifo president Clemens Fuest said.

In a written statement, Ifo added “the most recent order intake levels, business expectations in the manufacturing sector, and a further increase in goods exports in October indicated that the free-fall has stopped and that, gradually, light is appearing at the end of the industrial economic tunnel.”

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