German producing industry starts this year with request obst...| MENAFN.COM

Sunday, 02 April 2023 08:25 GMT

German producing industry starts this year with request obstacles

(MENAFN) The German manufacturing industries deal with high request circumstances during this year, but confidence rose as cost weight receded.

In line with S&P Global's report issued on Wednesday, declining additional orders carried on to pressure on the industries actions in January.

The purchasing managers' index (PMI) of the industry stood at 47.3 in January, marginally higher from 47.1 in the month before.

Even though the index has been rising for the past three months, it is still under 50, which shows a pessimistic viewpoint.

Phil Smith, an economics associate head at S&P Global, stated that "There was sustained downward pressure on output levels at the start of the year, particularly across the intermediate goods sector, which has felt the effects of a sharp reduction in demand for inputs."

He also mentioned that following the worries around the viewpoint just a few months ago, German producers are positive right now toward expansion potentials.


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