German industrial body expects 3% drop in production this year
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FILE PHOTO: People visit a trade fair in Hannover Messe, in Hanover, Germany, April 22, 2024. REUTERS/Annegret Hilse/File Photo
BERLIN (Reuters) - German industry expects a 3% fall in production in 2024, the third year of decline, with no recovery in sight for 2025, the BDI industry body said on Friday.
"German industry is under massive pressure," BDI head Tanja Goenner said upon releasing the association's report for the sector.
"It is particularly problematic that the leading German industries are struggling with sharp declines this year," she added.
In September, car manufacturing recorded a 6.9% drop in production year on year, while in mechanical and electrical engineering it was down 8.5% and 10.7%, respectively, according to the BDI.
It forecast a 0.5% decline in German exports in 2024, as global trade in goods increases by 2%.
"There is no improvement in sight for the coming year," Goenner said.
(Writing by Rachel More, Editing by Miranda Murray)
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