Considering the prolonged manufacturing recession in Germany, it’s not too surprising to see it finally hit the labour market. The VDMA expects production in 2025 to decline by 2% in real terms, similar to their previous forecast. As for 2024, they see production falling by 8% in real terms.
The body also warns of intensified competition in China and uncertainty stemming from the US as adding to the more challenging outlook for next year.