Germany’s manufacturing sector has long relied on low energy costs because of Russian imports
Industrial output from Europe’s largest economy is expected to fall further this year, the leader of the Federal Association of German Industry (BDI) said on Monday, after an already depressed output for 2023.
Higher energy prices and interest rates have raised costs and dampened investment in a manufacturing sector already grappling with supply chain problems and the aftermath of the COVID-19 pandemic, BDI President Siegfried Russwurm noted.
“We expect industrial production to decline by 1.5% compared to the previous year,” said BDI President Russwurm.
The decline — the same as last year — is symptomatic of a pattern, according to the business leader.
“Despite moderate recovery prospects, we must not deceive ourselves: Overall, production figures have been showing a worrying downward trend for years,” said Russwurm.
More to come…
rc/wmr (AFP, Reuters)
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