“The lack of orders is continuing to hinder economic development in Germany. Hardly any industry has been spared,” Klaus Wohlrabe, head of surveys at the ifo Institute, said in a press release.
Germany’s economy is facing severe pressure due to a growing shortage of orders, with 41.5 per cent of companies reporting insufficient demand in October, up from 39.4 per cent in July.
This is the highest level since the 2009 financial crisis.
Nearly half of manufacturing firms (47.7 per cent) reported shortages, with the textile industry at 57.7 per cent and furniture at 56.1 per cent.
In manufacturing, nearly half of all companies (47.7 per cent) reported a lack of orders.
The manufacture of textiles reported a shortage at 57.7 per cent and chemical industry at 43.9 per cent. Other sectors experiencing notable shortages include manufacture of furniture at 56.1 per cent.
Less affected sectors include manufacture of wearing apparel at 26.2 per cent, indicating a lesser extent of order shortages compared to other sectors.
“Although the order backlogs, which rose again in September, may be a sign of hope, there is still a long way to go before the books are full again,” says Wohlrabe.
Fibre2Fashion News Desk (KD)
