The industry lobby also notes that exports will stagnate this year, making for a rather uncertain picture for the industry.
“Industry in Germany has not yet recovered from the cost and demand shocks, from moments of extremely high energy prices and from inflation. Despite moderate recovery prospects, we must not delude ourselves. Overall, production figures have been showing a worrying downtrend for years.”
They are forecasting a 1.5% production fall in 2024 with exports to remain flat after having fallen by 1.5% in 2023.