After the financial tsunami set off in September this year impacted the German financial industry, it is currently spreading to other major industries. Germany's auto, steel and machine manufacturing industries are affected to varying degrees, and the business outlook is increasingly bleak.
The automotive industry is Germany's largest industrial industry, with one in every seven jobs in Germany linked to the industry. Affected by the financial crisis, the demand for the automotive market in the United States and Europe has fallen sharply in recent months, and major German auto makers continue to report news of reduced production and profitability. According to forecasts by relevant agencies, the domestic automobile sales in Germany will fall to the lowest point since the reunification of Germany and Germany in 1990. DÃ¼tz, director of the German Institute of Automobile Industry, believes that 2009 is a crucial year for the world auto industry to determine its fate. Many automakers will suffer losses, and if there is no government assistance, some famous automakers will also fail due to lack of funds.
The German steel industry was dragged down by the sluggish auto industry. In order to maintain steel prices, Germany's two largest steelmakers, ThyssenKrupp Steel and Salzgitter Steel, have reduced production. The German Steel Industry Federation predicts that the German steel industry will not pick up until 2010 at the earliest.
As Germany's second largest industry after the auto industry, Germany's machine-building industry will stagnate in 2009, but this year it will still have 5% growth. This is mainly due to the strong presence of medium-sized companies in the export market. Competitiveness.
Affected by the financial crisis, orders for the textile, construction and printing machinery industries in Germany have decreased, and companies have started to formulate savings plans.
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