KfW Research
KfW SME PanelThe environment of persistent crisis conditions continued to exert significant pressure on SMEs last year. Broadly speaking, SMEs appear to be very stable overall but some cracks are showing up in the foundation that are mainly attributable to the current cyclical situation. Turnover and capital expenditure decreased in real terms in 2023. Improvements are hardly on the horizon for the current business year either. Businesses’ profit margins and capital structure remained steady overall but the gap between small and large companies is growing. The lending climate is also becoming tougher, exposing more clearly the structural disadvantages small businesses have in accessing finance. Despite the higher interest burden, SMEs’ debt servicing capacity remains high. These are the findings of the KfW SME Panel 2024, which paints a comprehensive picture of the present situation in autumn of 2024 and the development of small and medium-sized enterprises during the year 2023.
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