Industry Sees Competitiveness at Record Low - Germany’s Industrial Decline Accelerates as Competitiveness Crashes to Record Lows
German industry's competitiveness has plummeted, with a record 36.6 percent of businesses reporting a decline compared to non-EU firms in October. Klaus Wohlrabe, head of the Ifo surveys, warns that without significant reforms, Germany could slip further behind globally.
The situation is most critical in energy-intensive sectors. Over half of chemical industry companies report losing competitiveness. This is a sharp increase from July, when 24.7 percent faced the same issue. Manufacturers of electronic and optical products, and mechanical engineering companies, are also struggling, with 47 percent and around 40 percent respectively reporting a decline in competitiveness.
Even within Europe, German companies are feeling the pinch. The share of firms reporting a loss in competitiveness has climbed from 12 to 21.5 percent since July.
German industry's competitiveness is deteriorating at an accelerating pace. Energy-intensive sectors are particularly vulnerable. Klaus Wohlrabe urges swift reforms to prevent Germany from falling further behind in the global race.
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