The latest update to the CEMA Business Index reported a reading of 1, a level not seen since late 2020. Results of the latest survey found confidence levels in the European ag equipment industry declining, with industry representatives "further downgrading their future expectations."

The update noted sentiment around tractors and arable equipment had fallen into negative territory, while livestock and harvesting equipment remained at a positive reading. Respondents indicated a positive 2023 outlook on some larger markets like France and Germany but lacked confidence in others, like Italy and Poland.

"For 2023 as a whole, the survey participants still expect a slight increase in turnover for their company on average, among others, due to high turnover at the beginning of the year as a result of the reduction in manufacturers' order backlogs," the report said.

Some 29% of respondents considered their current business situation as unfavorable or very unfavorable, while 39% considered it satisfying and 32% considered it good or very good. Some 29% forecast their revenue in the next 6 months to decline and 27% expected it to grow.

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