The de-industrialisation of Germany 🇩🇪- Part 11:

The de-industrialisation of Germany 🇩🇪- Part 11: The HCOB German Flash Composite Purchasing Managers’ Index, fell to 45.8 in Oct. from Sep.’s 46.4, below the 46.7 forecast, as GDP declined 0.2% in the quarter through Sep. Cancellations in the residential construction sector has hit a 30 year high . Umland of Egeln, is declared the first municipal housing co., to be in insolvency proceedings. 230 year-old fine tin-glazed pottery business Zeller Keramik of Ortenaukreis, has filed for bankruptcy. Biebelhausener Mühle GmbH (a traditional baking co. ) based in Ayl-Biebelhausen since the 17th century declares insolvency. Bankruptcies on a y-o-y basis in manufacturing increased by 22.6%, in retail went up by 18.5% and in the service sector rose by 16.7%. Siemens Energy AG faces mounting issues with malfunctioning turbines and unprofitable contracts, set to push the co. to a €4.5 billion ($4.8 billion) net loss this year. The co. may be considering shutting down Siemens Gamesa factories and sales offices. Survey among 115 works council chairmen showed that 44% of automotive suppliers are considering relocating their production abroad. The investments of German co.’s abroad were 125 billion euros higher than the simultaneous investments of foreign co.’s in Germany. Wholesale prices declined 4.1% y-o-y to the lowest level in Sep., marking the most significant drop since May 2020, signalling a weakening demand environment. Previous parts on the de-industrialisation of Germany 🇩🇪: Part 10 - Sep. ’23 Part 9 - Aug. ’23 Part 8 - Jun. ’23 Part 7 - May ’23 Part 6 - Mar ’23 Part 5 - Feb. ’23 Part 4 - Jan. ’23 Part 2 and Part 3 - Nov. ’22 Part 1 - Oct. ’22 Video source - dieBasis Источник: The Paradigm Shift Channel ⏳