Bosch CEO Franz Fehrenbach is hopeful that the economic downturn is bottoming and that economic indicators are pointing in the right direction.

Fehrenbach told the Boersen-Zeitung newspaper that he sees the bottom of the current downturn at hand and says economic indicators are heading in the right direction.

However, he also cautioned that the turn in the economy won’t show up in firm’s financial results this year. Fehrenbach reiterated that Bosch had forecast a sales decline of between 10% and 15% this year and added that the final result will most likely come in at the lower end of that range.