Brussels, 03/06/2014 (Agence Europe) - The crisis in the Ukraine is unsettling German manufacturers, according to the findings of a special online survey of nearly 2,500 IFO Business Survey participants conducted in May and released on Tuesday 3 June 2014.
Almost a third of the 2,500 firms surveyed stated that they have either direct or indirect business relations with Russia and almost 17% of respondents are already feeling the impact of the crisis on their business. A third of companies even fear that the crisis, should it continue, will negatively impact on their business, especially in terms of exports to Russia.
IFO, which is based in Munich, explains in a press release that German exports to Russia fell by 3.6% in the first quarter of 2014 compared with the previous quarter and are 12.9% lower than in the first quarter of 2013.
IFO says large German companies are particularly concerned: 80% of respondents have links with Russia and almost half of them are worried about their business. These companies mainly come from the machinery construction, mineral oil processing and vehicle manufacturing industries. Only a fifth of small companies expect their business to be negatively affected. (MB)