German industry sees the international competitiveness of Europe's biggest economy deteriorating, researchers at the leading ifo Institute said on Tuesday.
According to the monthly surveys conducted by the Munich-based researchers, companies are reporting that they have been losing ground within the European Union since the third quarter of 2022 and in non-European markets since the first quarter of 2022.
"It is becoming more difficult for German industry to compete," said Klaus Wohlrabe, head of the ifo surveys.
Almost all branches of industry reported a worse competitive position for the first quarter of 2024 than in the final quarter of 2023.
According to ifo researchers, only the pharmaceutical industry and manufacturers of wood products - excluding furniture - were excluded. The institute surveys several thousand companies every month as part of its economic surveys.