In its December update, the CEMA general business climate index for the agricultural machinery industry in Europe continued to drop and reached deep recession territory. In December, the index decreased from –40 point to –48 points (on a scale of –100 to +100).
Once again more than half of the survey participants consider the current business situation to be unfavorable, and two thirds expect their turnover to decline in the coming 6 months.
The report also said while confidence levels for all European markets remain negative, the same indicator shows some slight improvements within these markets. Manufacturers are possibly encouraged by the fact that incoming orders from Europe, among others, were slightly less negative last month. For the full year of 2024, the survey participants expect their company's turnover to decline only slightly on average (–5% in the median and –2% in the arithmetic mean).