June 5, 2020 / 5:51 AM / a month ago

Half of German companies postponed investments in May: Ifo survey

The skyline with its banking district is photographed during sunset in Frankfurt, Germany, May 20, 2020, as the spread of the coronavirus disease (COVID-19) continues. REUTERS/Kai Pfaffenbach

BERLIN (Reuters) - Half of companies in Germany postponed investments in May while 28% cancelled investment projects completely as the coronavirus pandemic takes its toll, a survey by economic institute Ifo showed on Friday.

That compared with 46% and 22% respectively in April. Manufacturing companies were particularly affected, with 64% postponing projects in May.

“These are worrying figures for the long-term development of the economy,” said Klaus Wohlrabe, Ifo’s head of surveys.

Reporting by Michelle Martin; Editing by Douglas Busvine

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