Germany’s economy is experiencing tough times. However, some experts suppose that this will hardly last long. Nevertheless, the eurozone's largest economy has faced a crisis in the industrial sector.
According to Die Welt, the crisis has swept across almost all spheres of Germany's industrial sector. As a result, nearly 40% of companies in the country have experienced a lack of orders, with the manufacturing sector hit hardest.
Economists have estimated that about 40% of local companies do not have commercial orders. Energy-intensive industries have suffered the most. In the textile manufacturing sector, this issue impacted 61.5% of enterprises, while in the metal production and processing segment - 50.6%.
However, it is not all doom and gloom. Some industrial companies have escaped the downturn in orders. Nevertheless, most sectors of the German economy have seen a significant decline in commercial orders compared to pre-crisis levels.
Earlier, Germany's Federal Minister of Finance Christian Lindner pointed out the absence of economic growth in the country. According to the official, Germany's export-oriented economy has recently become poorer and less competitive compared to other major manufacturers. Additionally, the local budget is burdened by significant expenses aimed at the implementation of bureaucratic projects.