Western German manufacturing: Following noticeable decline an increase of 2% is planned for 2003

According to the results of the Ifo Investment Survey, western German manufacturing reduced its investment in 2002 for the first time since 1994. At €43.1 billion spending on new buildings and equipment was approximately 7% below the previous-year level. In real terms, the rate of change was 8% This year western German manufacturing plans to increase its investment spending by approximately 2%. According to the last survey, a rise of 5% was still expected for 2003. Investment growth in German manufacturing as a whole will be a good 3% since a stronger recovery in the new federal states is evident.