The situation for German companies has recently eased somewhat – but not least the shortage of skilled workers is causing many companies concern. The German Chamber of Industry and Commerce (DIHK) announced on Monday that energy prices had fallen from a high level and supply bottlenecks had resolved in many places or at least improved significantly. Nevertheless, companies remain skeptical when assessing their own economic situation and in particular when it comes to their business expectations for the future, as the current DIHK business survey of 21,000 companies shows.
Almost a quarter of the companies surveyed are therefore assuming worse business in the next twelve months. Only 18 percent expect the situation to improve. This means that the expectations of the economy have improved somewhat compared to the previous survey at the beginning of this year. From the Chamber’s point of view, however, the results do not point to a comprehensive economic upswing.
High energy costs remain the main concern
High energy costs remain a major concern. According to the survey, many companies are assuming that this will not remain the case in the long term, despite the temporary relaxation on the futures markets. “The supply situation remains uncertain, especially with a view to next winter,” says the DIHK. “Overall, energy and commodity prices remain the most commonly cited business risk.”
The companies surveyed are also concerned about the shortage of skilled workers. Around 62 percent of the companies surveyed named it as an economic risk. “In the service sector, the shortage of skilled workers is now again mentioned as the most common risk and has overtaken the risk of energy and raw material prices,” it said.
Just a few days ago, a Forsa survey of medium-sized companies commissioned by Commerzbank came to similar results. Almost three quarters (74 percent) of the 1,500 companies surveyed named the issue of labor and skilled worker shortages as the greatest challenge at the moment.
Companies remain reluctant to invest
As a result, the companies surveyed by the DIHK remain cautious, especially when it comes to investments. According to this, around 28 percent of the companies are planning to expand their investments in the future. At the same time, according to the DIHK, 24 percent want to reduce their investments. “Such an investment level is not sufficient to compensate for the losses from the Corona years,” said DIHK General Manager Martin Wansleben.
The significantly higher interest rates also play a role here. “On the one hand, this makes the refinancing of existing loans more expensive, and on the other hand, new, loan-financed working capital and investments cost more,” it said. “It is to be feared that some investment projects will become unprofitable and will therefore not occur at all.” (dpa)
The Chamber of Industry and Commerce insists on political support, especially in foreign trade. “Something like Mercosur would be a great thing,” said Ilja Nothnagel from the DIHK main management on Monday with a view to the Latin American free trade agreement. “A large part of the companies also support that they get a new sales market but also a new supplier.” (dpa)