Economic crisis
Economic doldrums – consumers save, companies unsure
The uncertainty among companies is great. The mood does not turn. Consumers also hold their money together. The DIHK demands that the government must now deliver.
Saving consumers, companies hold back investments – in Germany, from the perspective of the German Chamber of Commerce and Industry, a historical economic flaut threatens. “The economic departure that we all need and our country needs is not yet in sight,” said Dihk general manager Helena Melnikov in Berlin. The consumer research institutes GfK and NIM announced in Nuremberg as the result of their latest study that the consumer climate could not make a decisive jump in May.
The fear that the third year in a row is sinking for the first time in German post -war history, Melnenikov said. “We have to do everything we can for not getting lost.” For the current year, the DIHK continues to expect a slight decline in gross domestic product by 0.3 percent. This makes the DIHK more pessimistic than the federal government and the “economic sorts”, which in 2025 expect to stagnate the gross domestic product.
Melnikov referred to the results of a new DIHK business survey under more than 23,000 companies. Accordingly, individual indicators showed slight improvements. The mood among the companies is mostly bad. Only a quarter of the companies rate their situation as good. Companies’ business expectations were mostly pessimistic.
According to the survey, companies see the economic political framework, the weak domestic demand, high labor costs, increasing social security contributions as well as high energy and raw material prices. In addition, there is the stricter and unpredictable US customs policy.
DIHK: Want to see acts now
The companies continued to wait, said Melnikov. The result: investments are held back. There are urgent need for action in economic policy. Melnikov called a reduction in electricity tax to the European minimum level, easier depreciation and less bureaucracy.
In order for the planned credit-financed special fund of 500 billion euros for additional investments in infrastructure and climate protection, extensive structural reforms such as faster planning and approval procedures are necessary. According to DIHK, industry and construction industry could benefit from the money. The mood there had already lightened up.
The new federal government has announced a comprehensive package of measures until the summer break to relieve companies. This includes reducing electricity tax and better depreciation conditions to add investments. “We really want to see acts now,” said Melnikov.
Consumption does not get going
The economic and income expectations have grown noticeably, as the institutes GfK and NIM announced. According to the data, however, the tendency to buy something with consumers – instead, they prefer to save. This brakes the consumption mood. “The unpredictable customs and trade policy of the US government, turbulence on the stock exchanges and fears ago a third year of stagnation. As a result, ensure that the consumer climate remains weak,” said Nim consumption researcher Rolf Bürkl. “People apparently think it is advisable to save on the general economic situation.”
The DIHK survey also says that despite the increased incomes, consumers were reluctant to consume. If you ignore the two Corona exception years 2020/2021, then the savings rate of private households has been at the highest level since 1996.
dpa
Source: Stern
