Industrial production in Germany is expected to decrease again in 2024.
According to the assessment of Siegfried Russwurm, the president of the German Industries Federation (BDI), the industries of this country will experience a 15% decrease in production levels in the current calendar year.
He stated at the beginning of the Hanover International Industrial Fair that despite the outlook for improvement, we should not deceive ourselves. According to him, the statistics in this regard have been showing a worrying downward trend for years.
German industries have been adversely affected after Russia’s attack on Ukraine, especially with the sharp increase in energy prices. The president of the German Industries Federation also pointed to the high interest rates, which, according to him, make investments more difficult.
In March of this year, five leading economic research institutes in Germany significantly revised their forecasts for the current year downwards in their spring report. Their assessment in the past fall was that Germany’s gross domestic product would increase by 13% in 2024.
The Hanover Industrial Fair was inaugurated with the presence of Olaf Scholz, the Chancellor of Germany. Norway is the partner country of this year’s fair.
