ifo Institute: Order Books Shrinking More Slowly in Industry
German industry’s order books shrank in December, albeit more slowly than in the previous month. This is the result of the latest ifo Business Climate survey, conducted in January and related to December, which shows that the index rose month over month from minus 11.4 to minus 8.5 balance points.
There was a big jump in the chemical industry, where the balance value surged from minus 26.7 to minus 0.7 points. The balance value in the automotive industry increased slightly, from minus 15.9 to minus 14.4; in mechanical engineering, it rose from minus 15.6 to minus 11.4 points; in metal products manufacturing, it climbed from minus 21.6 to minus 17.9; in metal production, it rose from minus 30.4 to minus 25.8; and in electrical equipment manufacturing, it went from minus 13.6 to minus 13.1.
But developments were not positive across the board: for instance, the index in electronics manufacturing fell from minus 1.8 to minus 3.6 points, while in rubber and plastic goods manufacturing, it plummeted from minus 1.4 to minus 10.2 points.
Next Thursday, the German Federal Statistical Office will announce its industrial order intake figures for December.
