This speaks to the continued struggle in Germany's manufacturing sector, which is the key economic driver for Europe's largest economy. According to the VDMA, around 40% of German manufacturers see revenue continuing to fall in the current year with 23% expecting stagnation.

Meanwhile, almost a third of companies are rating their present situation as being "bad" or "very bad" while only 29% are rating it as "good" or "very good".

VDMA economic analyst, Ralph Wiechers, says that:

"Quite a few companies had pinned their hopes on a positive second half of 2024. However, in terms of incoming orders, these hopes have not materialised for many."