Reuters reports that 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.