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Financial News: German Companies See Decline In Sales In 2020

German Companies See Decline In Sales In 2020 Due To Covid-19 Pandemic: DIHK

05/08/2020 - 09:07:00 (RTTNews)

(RTTNews) - Most of the German companies expect decline in sales in the whole year of 2020 as coronavirus related crisis is expected to last longer, a survey from the German Chamber of Commerce and Industry, or DIHK, showed Friday.

About 80 percent of companies across industry, construction and service sectors expect a decline in sales for the whole year. One in four forecast a 50 percent reduction in sales.

There is a long way to go before economy recovers, DIHK President Eric Schweitzer said.

According to survey, the situation of the companies remains very critical. Around 60 percent of companies continue to suffer from lower demand and 43 percent from canceled orders.

The survey was based on the response of more than 10,000 companies and half of them were either completely or partially shutdown.

With the easing of restrictions on lockdown at the end of April, only one in four of the surveyed companies stated operation. The survey revealed that coronavirus pandemic has affected all industries in all sizes.

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