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North German industry face problems recouping losses

Nordmetall and AGV Nord survey: 43 per cent of members' production and delivery suffering

A survey among the members of Nordmetall and AGV indicates fear of a worsening crisis and difficulties recouping losses, a press release said Thursday (March 19, 2020). North German industry is facing significant problems with 43 per cent of interviewees experiencing production and delivery losses.

Far-reaching consequences

“The corona crisis is already impacting industry severly and the outlook is bleak. The German and state governments must implement unbureaucratic aid swiftly. New financial burdens cannot occur under any circumstances, not even in the collective bargaining round,” said Dr. Nico Fickinger, General Manager of Nordmetall and AGV Nord. Around 95 per cent of the companies surveyed expect the situation to worsen in the next six weeks. Only 6 per cent expect to recoup their losses this year, 38 per cent only next year and 20 per cent in 2022 at the earliest or not at all. A total of 202 companies including 164 in the metal and electrical industry took part in the survey.

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