Germany DIHK business situation, intermediate goods
Germany DIHK business situation, intermediate goods stood at -13 in May 2026, according to German Chamber of Commerce and Industry (DIHK). It is one of the indicators in the DIHK Business Survey table (Value · Monthly), with a complete series running from Sep 2003 to May 2026. The complete series with an interactive chart, free to download.
This indicator in the DIHK Business Survey table
| Indicator | 05-2026 | 01-2026 | 09-2025 | 05-2025 | 01-2025 | 09-2024 | 05-2024 | 01-2024 | 09-2023 | 05-2023 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| All industries | -3 | 1 | 0 | 0 | 1 | 1 | 5 | 7 | 9 | 19 | |
| Manufacturing (excluding construction) | -7 | -10 | -15 | -11 | -14 | -16 | -5 | -1 | 0 | 19 | |
| Intermediate goods producers | -13 | -18 | -25 | -21 | -26 | -30 | -16 | -14 | -13 | 12 |
Understanding germany DIHK business situation, intermediate goods
Captures the net operational assessment from companies supplying components, materials, and parts to other businesses further down the supply chain. This specific cohort sits between raw material extraction and final product assembly. The index acts as a barometer for early-stage industrial demand, distinct from capital or consumer goods, because these firms are the first to experience order fluctuations when manufacturers adjust their production schedules. The metric calculates the spread between favorable and unfavorable reports on present trading realities among these middle-tier suppliers.
Month-to-month changes in this specific balance frequently serve as a leading indicator for the broader manufacturing sector, as downstream factories cut component orders before reducing their own output. Analysts often evaluate these figures alongside inventory data, since destocking by final producers immediately depresses intermediate sentiment. Sequential comparisons are preferred to year-on-year analysis, as the fast-moving nature of supply chains means current conditions rapidly adjust to short-term demand shocks. Caution is required when comparing the balance against final consumer demand, as intermediate producers are separated from retail fluctuations by multiple layers of inventory buffering.
Frequently asked questions
- What distinguishes intermediate goods from capital goods in the survey?
- Intermediate goods are components consumed or transformed during production, whereas capital goods are the machinery and equipment used to facilitate that production.
- Can this balance predict broader industrial downturns?
- Yes, a deterioration here often signals trouble ahead for the wider factory sector, as component orders are usually the first to be curtailed.
- Does the balance account for the size of the responding firms?
- Responses are typically weighted to ensure the aggregate reflects the true economic footprint of the industry rather than just a simple headcount of companies.