Munich: A shortfall in orders is hitting the German economy hard, the Munich-based Ifo Institute said on Monday. Last month, some 41.5% of companies reported a lack of orders, up from 39.4% in July, the institute said. According to Anadolu Agency, the rate is the highest since the 2009 financial crisis. The report highlights that in the manufacturing sector, nearly half of all companies (47.7%) reported a lack of orders. Core sectors, such as mechanical engineering, and the metal and electrical industries, are especially worried about the downturn and its implications. The service sector is also experiencing challenges, with the share of companies reporting a lack of orders rising slightly from 31.2% to 32.1%. This highlights the widespread nature of the economic difficulties currently facing Germany.
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