{"id":300073,"date":"2024-02-06T11:32:30","date_gmt":"2024-02-06T10:32:30","guid":{"rendered":"https:\/\/climatescience.press\/?p=300073"},"modified":"2024-02-06T11:32:33","modified_gmt":"2024-02-06T10:32:33","slug":"german-property-crisis-deepens-with-one-of-worst-falls-on-record-latest-updates","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=300073","title":{"rendered":"German property crisis deepens with one of worst falls on record – latest updates\u00a0"},"content":{"rendered":"\n
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Germany\u2019s construction sector continued to drag down Europe\u2019s largest economy as its housebuilding industry suffered one of its worst declines on record, a closely-watched survey indicated.<\/p>\n\n\n\n

The HCOB Germany Construction purchasing managers\u2019 index (PMI) came in at 36.3 in January, down slightly from December\u2019s 37 and among the worst figures ever recorded in the research. The Telegraph<\/a> has the story.<\/p>\n\n\n\n

Dr Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said the German construction sector \u201cis extending and deepening its downturn which has been in place since April 2022 for another month, with no near end in sight\u201d. <\/p>\n\n\n\n

It comes after a top German industry chief despaired that Olaf Scholz\u2019s net zero policies are \u201cabsolutely toxic\u201d in a stinging criticism of the chancellor\u2019s leadership.<\/p>\n\n\n\n

Siegfried Russwurm, head of the BDI, said his country\u2019s climate agenda is \u201cmore dogmatic than any other country I know\u201d.<\/p>\n\n\n\n

He warned that Germany was being placed at a disadvantage because of the government\u2019s phasing out of nuclear energy and switching to renewables from coal and gas.<\/p>\n\n\n\n

\u201cNobody can say with any certainty today what our energy supply will look like in seven years\u2019 time, and that\u2019s why no one can say how high energy prices will be in Germany then,\u201d he told the Financial Times. <\/p>\n\n\n\n

\u201cFor companies that have to make investment decisions, that is absolutely toxic.\u201d<\/p>\n\n\n\n

Germany\u2019s economy shrank by 0.3pc last year, while the OECD said its gross domestic product would expand by just 1.1pc in 2024.<\/p>\n\n\n\n

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Germany Construction PMI (Jan) – act: 36.3 , prev: 37 pic.twitter.com\/6320kmUZyU<\/a><\/p>— Michael Hewson \ud83c\uddec\ud83c\udde7 (@mhewson_CMC) February 6, 2024<\/a><\/blockquote>