ifo Institute: German Industrial Production to Decline at Slightly Slower Pace
In the coming months, German industry expects output to decline somewhat more slowly than had been assumed last month. This is the result of a recent survey conducted by the ifo Institute, which saw the index for industrial production expectations rise from minus 7.2 to minus 6.6 points.
In mechanical engineering, the index rose from minus 13.4 to minus 7.8 points, while manufacturers of rubber and plastic goods saw an increase from minus 12.8 to plus 1.2 points. The index also improved slightly for manufacturers of metal products, from minus 24.4 to minus 22.3, and it went up from minus 31.9 to minus 26.6 for metal production.
In contrast, automotive manufacturers expect their production to decline, with the index falling here from minus 16.0 to minus 19.9 points. The same is true of companies that manufacture electrical equipment, where the index deteriorated from minus 7.2 to minus 10.9. For the chemical industry, it plummeted into minus figures, falling from plus 2.0 to minus 11.2 points.
The German Federal Statistical Office will today announce actual production figures for October.
