Ifo Institute: car industry in a downturn
The mood in the German automotive industry deteriorated further in November. Although the companies surveyed by the Ifo Institute assessed their current business situation as better than in the previous month, they are even more pessimistic about the coming months.
The business climate index for the most important industrial sector fell for the third time in a row to minus 16.8 points, following minus 16.3 points in October. Specialist consultant Anita Wölfl said: "The German automotive industry is not emerging from its economic downturn phase." Sentiment collapsed in June and has remained at this level ever since.
The economic situation in the car industry is affecting numerous companies, as reflected in the Ifo survey results. Despite some improvement in the current business situation, there's a growing concern about the future, as indicated by the pessimistic outlook of the car companies surveyed by Ifo.
Source: www.dpa.com
