Economic Indicators

Lack of orders weighs on German economy – Ifo

2024.02.05 03:02


© Reuters. FILE PHOTO: Employees work on the plant of German gasoline heating producer Viessmann in Allendorf, Germany, August 9, 2022. REUTERS/Fabian Bimmer

BERLIN (Reuters) – The lack of orders in manufacturing is more and more changing into a burden on the German economy, the Ifo Institute mentioned on Monday.

In January, 36.9% of manufacturing firms reported an absence of orders, up from 36.0% in October, in keeping with Ifo’s surveys. A 12 months in the past, the proportion was simply 20.9%.

“The lack of orders has worsened noticeably over the past year. Hardly an industry has been spared,” mentioned Klaus Wohlrabe, head of surveys at Ifo. “What’s more, order backlogs are shrinking.”

In the service sector, 32.1% of the businesses reported an absence of orders in January.

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