Survey: More than two-thirds of German firms face sales decline

BY GNA - Nov 21, 2020 at 8:25pm 100

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More than two-thirds of German firms are facing an overall decline in sales in 2020, according to a nationwide survey.

More than 13,000 businesses across all industries were surveyed by the association of German Chambers of Industry and Commerce (DIHK).

Tightened investment budgets in many global regions are affecting demand for German products, but firms are also seeing drops in demand domestically, the DIHK said.

In hospitality, travel and the cultural and creative industries, more than 90 per cent of businesses reported a decline in sales.

In the automotive trade and industry, some 70 per cent said sales had dropped - both because of cancelled orders and bottlenecks in product supply.

Almost every second company has had to cut or delay investment in response to the crisis and almost a quarter had to cut staff.