The industry lobby also notes that exports will stagnate this year, leading to a rather uncertain situation for the industry.
“German industry has not yet recovered from cost and demand shocks, times of extremely high energy prices and inflation. Despite moderate recovery prospects, we should not be complacent “illusions. Overall, production figures have shown a worrying downward trend for years.”
They forecast a drop in production of 1.5% in 2024 and stable exports after falling by 1.5% in 2023.
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