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Financial News: German Industry Expects Historic Slump In Production: Ifo

German Industry Expects Historic Slump In Production: Ifo

05/07/2020 - 03:35:00 (RTTNews)

(RTTNews) - German industry's production expectations are now at their lowest level since reunification in 1990 and they expect a historic collapse in output, due to the adverse impact of the coronavirus, or Covid-19, the think tank ifo said Thursday.

The corresponding ifo index for the next three months plunged to minus 51.4 in April from minus 21.4 in March, ifo said. In December 2008, amid the global financial crisis, the index reading was minus 42.9. The 30 points decline in April was worse than the 22.7 points fall in March. "German industry is expecting an unprecedented slump in its production," ifo said.

The slump in production is getting deeper and deeper, the head of the Ifo survey, Klaus Wohlrabe said.

"Only the manufacturers of pharmaceutical products are optimistic about the future," he added.

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