The general business climate index for the agricultural machinery industry in Europe has dropped back into recession territory after a brief improvement in August. In September 2026, the index decreased from -14 points to -21 points (on a scale from -100 to +100).
The setback was mainly driven by a downward revision of expectations for the next six months, bringing future expectations closer to the still-negative assessment of the current business situation. Sentiment in the tractor segment has also weakened, with expectations for new orders remaining particularly subdued: only 14% of respondents expect an increase over the next six months.
Regarding investment needs, several Central European markets continue to indicate a comparatively high replacement demand for tractors and machinery. By contrast, the need for new machinery is currently assessed as limited in major markets such as Germany, France and the Netherlands.
Nevertheless, despite the renewed deterioration in short-term expectations, the full-year outlook remains slightly positive: on average, survey participants still expect their companies’ turnover to increase by a low single-digit percentage in 2026.
