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According to a survey by the influential IFO economic institute, German carmakers are more upbeat on the production and exports outlook in May, as economic activity restarts after the coronavirus pandemic-imposed lockdown.

Key findings

“The index for export expectations rose to -9.8 from -65.3 in April while the index for production expectations increased to 22.7 from -41.5.”

“The sector remained pessimistic overall, with carmakers feeling more downbeat about the current business conditions than they did during the 2009 global financial crisis.”

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