Optimism among Germany's automakers eased in February and they assessed the current economic situation as significantly worse as buyers were increasingly cautions amid fears of a recession, survey data from the ifo institute showed Friday.
The confidence indicator for the automobile manufacturing industry more than halved in February, to 6 points from 12.5 points in January. Business expectations among automakers also eroded in February and the corresponding indicator of the survey sunk to 2.8 points from 21.4 points. "While manufacturers are still currently working through existing orders, demand from potential buyers is faltering," Oliver Falck, director of the ifo Center for Industrial Organization and New Technologies, said.
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