Economy
DIHK: High energy and raw material prices are slowing the upswing
From the point of view of the German Chamber of Commerce and Industry, high energy and raw material prices as well as a shortage of skilled workers are slowing the economic upturn. Photo: Carsten Koall / dpa
© dpa-infocom GmbH
According to the German Chamber of Commerce and Industry, the high energy and raw material prices are slowing the upswing. The growth expectations are lower than necessary for a sustainable catch-up process.
From the point of view of the German Chamber of Commerce and Industry (DIHK), high energy and raw material prices as well as a shortage of skilled workers are slowing the economic upturn.
The proportion of companies that cite energy and raw material prices as a risk is in industry, trade and construction at an all-time high, according to a DIHK business survey presented on Thursday in Berlin among around 28,000 companies. When it comes to the shortage of skilled workers, the share in all branches of the economy is just below the all-time high.
The companies assessed their current business situation significantly better than in early summer, explained DIHK Managing Director Martin Wansleben. However, the expectations for the next twelve months are lower than would be necessary for a sustainable catch-up process.
Like leading economic research institutes and the federal government, the DIHK lowered its growth expectations to 2.3 percent instead of the previous 3.0 percent. After the corona-related collapse in 2020, the government expects GDP to grow by 2.6 percent this year.