Light appearing at end of tunnel for German industry

Light appearing at end of tunnel for German industry

Light appearing at end of tunnel for German industry

Written by Reuters

12 Dec, 2019 | 6:31 pm

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.”

Latest News

Are you interested in advertising on our website or video channel
Please contact us at [email protected]