June 8, 2020 / 5:36 AM / a month ago

German industry sees production declining further but at slower rate: Ifo

FILE PHOTO: A steel worker of ThyssenKrupp stands amid sparks of raw iron coming from a blast furnace at a ThyssenKrupp steel factory in Duisburg, western Germany, January 30, 2020. REUTERS/Wolfgang Rattay/File Photo

BERLIN (Reuters) - German manufacturers expect their production levels to decline further in the coming three months, but at a slower pace than previously, the Ifo institute said on Monday.

Ifo said its index for production expectations rose to -20.4 points in May from -51.0 points in April, marking the biggest monthly rise since German reunification three decades ago.

“But that only means that the nosedive is now becoming flatter,” said Klaus Wohlrabe, head of surveys at Ifo.

The subindex for production expectations in the automobile sector rose into positive territory but Wohlrabe said that was no surprise after production was halted at many sites due to the coronavirus outbreak.

Reporting by Michelle Martin; Editing by Scot W. Stevenson

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