German industry expects a further decline in production over the next three months, according to a leading business survey.
The current survey of the ifo Institute shows that the balance of expectations had fallen in July to minus 5.7 points, the lowest value in seven years, the economic researchers said on Wednesday in Munich.
"More and more companies report that they want to reduce their production in the coming quarter," ifo economic expert Robert Lehmann said.
The pessimistic voices now clearly outnumber the optimistic ones, he said.
"At present, an end to the recession in German industry is not foreseeable," he added.
With the exception of the chemical industry, the sharp decline was evident in all sectors.
The decline was particularly strong in mechanical engineering, where the balance slumped to minus 7.3 points.
With unchanged production expectations, the figure would be at zero.
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