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90% of German firms affected by pandemic

11 May 2020 13:54 (UTC +04:00)

The Mechanical Engineering Industry Association (VDMA) from Germany stated on Monday the coronavirus pandemic significantly impacted the country's industry, with nine out of ten companies seeing themselves as affected by the crisis, APA reports citing Tele Trader.

"By mid-April, good three-quarters of those surveyed had already recorded a noticeable or serious drop in orders or cancelations, and at the beginning of May this figure climbed again to 85%," VDMA chief economist Dr. Ralph Wiechers explained. Furthermore, German companies are also facing "major problems" due to restriction measures as 43% of them are expecting the situation will get even worse.

However, Europe's largest industry association emphasized that supply chains are slowly returning to normal as difficulties with supplies from China are easing.