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German SMEs optimistic about new year: survey

Xinhua, December 30, 2015 Adjust font size:

Small and medium-sized enterprises (SMEs) in Germany are optimistic about the economic situation in the coming year and expect to increase their investment, a survey found on Tuesday.

SMEs create nearly 70 percent of jobs in Germany and are seen as the backbone of Europe's biggest economy. As 2016 approaches, around 62 percent of German SMEs expected a "sustained upturn" of the German economy in the new year, according to a survey by the German Association for Small and Medium-sized Businesses (BVMW).

"Entrepreneurs are going into the new year with optimism, despite a difficult global economic situation," said BVMW president Mario Ohoven.

A total of 63 percent of the surveyed SMEs saw their current business situation as good or more than good, while 38 percent expected higher revenues in the coming 12 months. Around 34 percent intended to make greater investments in 2016.

BVMW said the businesses were more optimistic than they were at the end of last year. However, most of them remained concerned about the shortage of skilled workers.

More than 87 percent of German SMEs found it difficult to fill vacancies. Despite economists' expectation that the influx of refugees would contribute to solving this problem, nearly 70 percent of entrepreneurs saw it as unlikely or impossible.

According to Ohoven, the shortage of skilled workers are "the greatest concern" for German SMEs.

A recent survey by the Cologne Institute for Economic Research (IW) also found that German industries were upbeat about the coming year.

Among the questioned 49 business associations, 29 expected higher production in their industries. Meanwhile, 17 associations saw increases of investment in 2016, while only five expected less room for investment hiking.

According to the institute, the positive mood of industries came from good consumer sentiment in Germany, a slow recovery in the euro zone, as well as an economic rebound in the United States and Britain. Endit