News from 2025-08-29 / KfW Research
KfW-ifo SME Barometer August 2025
SME business confidence has (slightly) dropped
After rising for five consecutive months, business sentiment among SMEs dipped in August, falling by 0.6 points to now -13.1 balance points. The decline was caused by slightly worse situation assessments and lower expectations. The US protectionism is putting obstacles in the way of export-oriented businesses and the domestic economy also continues to falter. Towards the end of the year and particularly in 2026, however, the massive increases in government spending on infrastructure and defence will drive growth in Germany.
Share page
To share the content of this page with your network, click on one of the icons below.
Note on data protection: When you share content, your personal data is transferred to the selected network.
Data protection
Alternatively, you can also copy the short link: https://www.kfw.de/s/enkBbm2u.DSbA
Copy link Link copied