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."
![CEMA Business climate index](/ext/resources/2023/06/16/CEMA-index-June-2023.png)
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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