German automakers tread carefully into 2024

Export expectations fell to minus 10 points in December 2023, raising concerns for new year

ISTANBUL (AA) – The German automotive industry’s business climate index remained subdued due to companies’ limited optimism for the new year, said the Munich-based think-tank Ifo Institute on Thursday.

An Ifo survey showed that business expectations for the next six months seem more positive compared to November, as it rose from its level of minus 44.3 to minus 39.6 points in December.

As for export expectations, the figure plummeted from November’s level of minus 1.3 points to minus 10 points in December.

“We shouldn’t read too much into the figure for December, (as) throughout 2023, the German automotive industry recorded significant growth in exports, especially to the euro area,” said Ifo expert Anita Wolfl.

The survey added that “more than 2.8 million new vehicles were registered in Germany in 2023, or 7% more than in 2022,” according to Germany’s Federal Motor Transport Authority.

Kaynak:

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