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German Industrial Engine Humming Though ‘It’s Not All Sunshine’

  • EY survey of small, mid-sized firms shows majority are upbeat
  • Chemicals, drug sectors most positive, auto industry negative

A majority of the small and medium-sized companies that power the German economy are in surprisingly good shape nearly two years into the coronavirus pandemic, according to a survey by consulting firm EY published Sunday.

Among the 800 of Germany’s so-called “Mittelstand” companies polled, 91% described the state of their business as good or rather good, while only 9% said it was either bad or tended toward bad, EY said. Most upbeat were firms in chemicals, pharma, construction and machinery, while the auto sector was the most negative about the outlook.