Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Yemeni Armed Forces: We carried out three operations targeting Umm al-Rashrash Port, a military target in al-Naqab, and Lydd Airport with four drones
Yemeni Armed Forces: We carried out four military operations, including one targeting Lydd Airport with a Thulfiqar ballistic missile
Syria's Foreign Ministry: We welcome the US and Arab efforts aimed at resolving the current crisis peacefully.
US Secretary of State Marco Rubio says the conflicting parties agreed on the specific steps to end the hostilities in Syria, adding that the situation is expected to be resolved tonight.
Israeli media outlet: One soldier killed and two seriously injured when a tank was targeted with an explosive device east of Gaza
Israeli fighter jets targeted the Mezzeh military airport and the Moadamiyeh al-Sham mountains with several airstrikes.
Israeli fighter jets targeted the 100th Regiment in the vicinity of the Qatana area in the southwestern Damascus countryside.
The counterterrorism unit in Kurdistan Iraq says a kamikaze drone hit the US' Hand Oil field in the Baadari area of Dohuk governorate.
Israeli occupation army: Air raid sirens sounded in various areas after a missile was detected from Yemen
Hezbollah: Experience has proven that this enemy does not respect covenants, does not abide by any agreements, and only grasps the language of force

German manufacturing at lowest in four months

  • By Al Mayadeen English
  • Source: News websites
  • 26 Feb 2024 15:00
3 Min Read

S&P Global revealed that the manufacturing purchasing managers’ index (PMI) in the Eurozone’s economic powerhouse, Germany, has declined sharply below economists’ expectations.

  • x
  • In this Oct. 9, 2018 file photo, workers assemble the new Deutsche Post StreetScooter Work XL electric delivery van at the Ford car plant in Cologne, Germany. (AP)
    In this October 9, 2018 file photo, workers assemble the new Deutsche Post StreetScooter Work XL electric delivery van at the Ford car plant in Cologne, Germany. (AP)

The latest data collected by S&P Global has shown that German manufacturing activity decreased well below expectations in February, showing a hastened rate of economic downturn.

The manufacturing purchasing managers’ index (PMI) in the Eurozone’s economic powerhouse declined sharply below economists’ expectations to its lowest so far in four months, from 45.5 in January, to 42.3 this month, while the overall business activity in Germany decreased from 47 to 46.1 (any value below 50 signifies shrinking).

German factories continue to grapple amid a decline in global demand, specifically from China, high interest rates, and expensive energy, the figures revealed.   

S&P Global stated that this decline was mainly because of a sharp decrease in manufacturing output and a steeper contraction rate, shedding light on the sector’s increasing hurdles.

An economist at Hamburg Commercial Bank, Tariq Kamal Chaudhry, stated, “After a glimmer of hope in recent months, German industry is feeling pretty bleak now." The data shows “a decline in output, alongside plummeting new orders both domestically and internationally.” As concerns of a deepening downturn in the EU’s top economy are surging, manufacturers are pessimistic about the outlook for 2024, economists say. 

Related News

Bank of England warns Trump tariffs could spark corporate defaults

Trump tariff blitz stirs worry despite 'progress' in Japan trade talks

According to S&P Global, manufacturing and exports in Germany saw a fast-paced decrease in new business, adding to its economic challenges.

Germany's deindustrialization closer than ever

As German manufacturers have been struggling to maintain cost-competitive products, the loss of cheap Russian natural gas due to the war in Ukraine has served as a "final blow" for Germany. The country's reign as an industrial superpower seems to be “coming to an end," Bloomberg News announced on February 10.

Most Russian imports were boycotted in 2022 as a "punishment", which pushed Germany's already declining industrial output since 2017 further down the line. Bloomberg announced that century-old factories are closing and other companies are moving production lines to more cost-friendly countries, Bloomberg said.

CEO at GEA Group AG, machinery producer, Stefan Kelbert, stated, “There’s not a lot of hope if I’m honest,” adding, with concern, “I am really uncertain that we can halt this trend. Many things would have to change very quickly.”

The Federation of German Industries previously released a survey last September revealing that the top reasons for shifting investment abroad are concerns over energy security and energy costs.

BASF SE, Europe’s biggest chemical producer, and Lanxess AG are letting go of thousands of employees as chemical makers were among the manufacturers affected the most by the boycotting of Russian gas. French tiremaker Michelin and US rival Goodyear are also closing or downsizing their German plants.

  • manufacturing
  • economy
  • Germany
  • PMI

Most Read

Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025
An Israeli soldier abandons an excavator during an ambush by al-Qassam Brigades. Arabic text reads "The moment the soldier fled", July, 10, 2025 (Al Qassam Military Media)

Israeli media rue al-Qassam footage, alarmed by fighters among troops

  • Politics
  • 11 Jul 2025
This satellite image from Planet Labs PBC shows damage after an Iranian attack at the al Udeid Airbase outside of Doha, Qatar, June 25, 2025 (Planet Labs PBC via AP)

Satellite images show Iran attack damaged US comms dome in Qatari base

  • Politics
  • 11 Jul 2025
Ukraine’s Corporate Carve-Up Collapses?

Ukraine’s Corporate Carve-Up Collapses?

  • Analysis
  • 11 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Druze from Syria protest in the Israeli-occupied Majdal Shams of the occupied Golan Heights, Wednesday, July 16, 2025 (AP)
Politics

Syria's Druze leaders divided over ceasefire; IOF vow more operations

Special Envoy of the Iranian Foreign Minister and his Assistant for West Asian Affairs, Raouf Sheibani. (IRNA)
Politics

Iran will not yield to snapback threats: Iran FM advisor - Exclusive

Mourners attend the funeral of the Palestinian teenager Amjad Nassar Awad Hawshiya, 15, who was killed in an Israeli raid, in the West Bank village of Yatta, south of al-Khalil, Tuesday, July 1, 2025 (AP)
Politics

'Israel' transfers Ibrahimi Mosque authority to settler council

President Donald Trump listens during a meeting with Bahrain's Crown Prince Salman bin Hamad Al Khalifa in the Oval Office of the White House, Wednesday, July 16, 2025, in Washington (AP)
Politics

Trump admin. to deny bond hearings for undocumented immigrants

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS