German Businesses Trim Investment Plans
- DIHK group downgrades GDP forecast, expects 2023 contraction
- Only 13% of businesses expect improvement in next 12 months
The banking district of Frankfurt am Main.
Photographer: Kirill Kudravtsev/AFP/Getty Images
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German companies have cut their investment and hiring plans as they see no sign of a self-sustaining pickup in Europe’s biggest economy, a survey by the DIHK business lobby showed.
Just over half of the 24,000 firms questioned see the country’s economic policy as a business risk, with concerns also growing in industry, according to the group, whose full name stands for the Association of German Chambers of Industry and Commerce.