The overall business climate index for the agricultural machinery industry in Europe continued to decline in December and reached a deep recession. In December, the index decreased from -40 points to -48 points (from -100 to +100).
More than half of those surveyed reported the current business situation is negative, while two-thirds expect their turnover to fall in the next six months.
On the other hand, although the confidence level remains negative in all European markets, the same indicator also points to some improvement in these markets. Manufacturers may have been encouraged by the fact that orders from Europe, among others, were slightly less negative last month. In any case, manufacturers are not too pessimistic about the coming year 2024. For 2024, survey participants expect their company’s turnover to decline only slightly on average (-5% in the median and -2% in the arithmetic mean).