German Industry Sees Deep Slump In 2019
Mohammad Ali (@ChaudhryMAli88) Published November 19, 2019 | 05:04 PM
Germany's powerful BDI industry federation said Tuesday that manufacturing firms are in a deep recession, forecasting that output will fall by four percent year-on-year in 2019
Frankfurt am Main, (UrduPoint / Pakistan Point News - 19th Nov, 2019 ) :Germany's powerful BDI industry federation said Tuesday that manufacturing firms are in a deep recession, forecasting that output will fall by four percent year-on-year in 2019.
"After six years of growth, German industry has been in a recession since the third quarter of 2018," BDI director Joachim Lang said.
Industrial output is falling around the world, the industry body noted, while growth in German exports is expected to fall from 2.1 percent last year to 0.5 percent this year -- its slowest pace since 2009.
Worldwide, exports are expected to fall by 0.5 percent this year, the BDI said citing a Dutch government study.
German industry is struggling both with political developments, including the US' trade wars with China and the European Union, and with structural changes like the vital car industry's adjustment to building electric and hybrid vehicles.
In the first nine months of 2019, car production fell more than 10 percent -- "resulting from weak global demand and the structural transformation in the auto industry," the BDI said.
But while industry is struggling, strong services firms, growing wages and higher state and household consumption are helping keep the German economy growing.
Berlin forecasts expansion of 0.5 percent this year and 1.0 percent in 2020, while the government is pumping some of its billions in budget surpluses into higher spending and new green policies.
Related Topics
Recent Stories
Tennis: ATP Barcelona Open results - 1st update
Swiatek's perfect 10 in Stuttgart as Vondrousova stuns Sabalenka
Arandu's roads closed due to flooding
Oil tanker catches fire in Islamabad’s Blue Area
Pakistan committed to ensure safety of foreign nationals: FO
Tennis: WTA Stuttgart results - 1st update
Four passengers injured as train hit an empty vehicle
Over- speeding bus crushed to death two bike riders
Turkey's Freedom Flotilla ready to set sail for Gaza
French teen dies from heart failure after knife attack near school
Iranians appear unfazed by Isfahan blasts
UAF celebrates Int'l Chinese Language Day
More Stories From Business
-
Pakistan aims to agree outline of new IMF loan in May - Finance Minister
3 hours ago -
FTO commends FBR's role for prompt resolution of tax payers’ issues
3 hours ago -
BISP embraces E-procurement: launches inaugural tender
5 hours ago -
Business community indebted to Ahsan Zafar for his unprecedented services: Yousuf Rajput
5 hours ago -
China auto sector steps up Europe push with Spain plant
5 hours ago -
Condolence reference held in memory of FBR's officials
6 hours ago
-
Health activists ring alarm bells over 10-stick cigarette pack
7 hours ago -
Karachi receives maiden direct flight of Azerbaijan Airlines from Baku
7 hours ago -
PSX turns bullish, gains 619 points
8 hours ago -
Rupee bounces back; gains 13 paisa against dollar
7 hours ago -
Partners join hands for alternate use of marble, granite slury
7 hours ago -
Tokyo's Nikkei index tumbles 3% in morning trade
10 hours ago