News from 2025-05-05 / KfW Research
KfW-ifo SME Barometer April 2025
Germany’s ‘Mittelstand’ between hope and fear
After rising sharply in March, business sentiment among SMEs remained virtually unchanged in April. To be sure, SMEs are slightly more positive about their current business situation than in the previous month. At the same time, however, their expectations are now more pessimistic again, offsetting most of the improvement in situation assessments. In addition, the tariff conflict that escalated in early April has caused manufacturers’ export expectations to literally plummet.
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