Manufacturing: Cautious Outlook Assessments

The business climate in manufacturing was almost as favourable as in the previous month. Demand picked up again, and order books were rated more favourably. Fittingly, the respondents were more satisfied with their current business situation. By contrast, the six-month business outlook was assessed with more caution by the companies, partly because less growth opportunities were seen in foreign markets. On balance, business expectations were only slightly above the long-term average. Similarly, production plans are less expansive, despite lower inventory surpluses.