Industry Report 05/2024

German industry faces a lost decade. In the fourth quarter 2023, manufacturing output was more than seven percent lower than before the outbreak of the Covid pandemic in late 2019. The BDI expects industrial production in Germany to continue downward and contract another 1.5 percent in 2024 year on year. In the two previous years, industrial production had fallen by 0.5 percent year-on-year.