Economic survey: Confidence in the economy is falling

According to the Chambers of Industry and Commerce (IHK), the Saxon economy remains in the doldrums. There is currently no sign of an economic recovery, according to the latest economic survey. According to the survey, the IHK business climate index fell further to 97 points. The chambers referred to the results of a current economic survey in which around 1,800 companies from all economic sectors with around 85,000 employees were questioned in September.

According to the survey, the situation has deteriorated further and companies' expectations are currently much more pessimistic after an increase in spring due to persistently weak demand and high costs. Only 12 percent of the companies surveyed expect business to improve in the coming months, while 26 percent expect their situation to deteriorate.

22 percent of companies plan to cut staff

The mood is particularly gloomy in Saxony's industrial sector: according to the chambers of industry and commerce, companies are struggling with declining orders at home and abroad and rising costs. Positive impetus is currently only coming from the chemical and pharmaceutical sectors, they said. The situation and prospects in the retail sector are also viewed rather negatively, as consumers are currently holding back.

According to the economic survey, more than half of companies in Bavaria are currently not planning any investments or even intend to reduce their spending in this area. Many companies are also cautious when it comes to personnel planning. Only 12 percent intend to increase their staff in the coming months, while 22 percent expect to reduce their workforce. According to the chambers, most companies are currently focusing on retaining their workforce.