German firms expect restrictions for another 8.5 months

The German economy expects public life to be restricted for another 8.5 months due to the coronavirus pandemic, a survey by the Munich-based Ifo economic institute showed on Monday. 

Leisure industry

Firms in the leisure industry, hit hard by the coronavirus crisis, particularly feel pessimistic, with companies expecting 13 more months of restrictions. Those in the arts, cultural and gastronomy sector expect another 11 months.

The beverage sector is the most optimistic, foreseeing an end to restrictions in 6.4 months.

Read more: Coronavirus pandemic: Is the second wave already here?

Service sector

Service providers in Germany expect restrictions to last another 8.9 months.

People working in teaching and child care expect 10 months more of restrictions.

Accommodation businesses such as hotels and hostels anticipate a further 9.3 months, and postal services expect an average of 6.6 months longer on public life restrictions.

Read more: Coronavirus rallies: Germany's growing anti-lockdown movement

Trade, industry and construction

Those working in trade expect a further 8.6 months of coronavirus restrictions.

Construction firms foresee another 8.2 months and industry anticipates another 7.8 months  of restrictions. 

In Germany's manufacturing industry, leather producers expect the longest restrictions with 11.2 months, while textile manufacturers expect 9 more months. 

Retail businesses expect 8.8 months of restrictions and wholesale businesses expect 8.4 months. Chemical firms, meanwhile, project another 8.2 months and mechanical engineering firms 7.9 months. 

Around 8,500 firms took part in the survey. Two-thirds of them had applied for some form of government assistance during the pandemic. However, 40% of the companies polled still reported a drop in turnover of at least 30%.