News from 2025-10-10 / KfW Research
KfW-ifo SME Barometer September 2025
SMEs headed into autumn on a sour note
The KfW-ifo Business Climate Index fell in September for the second straight month. This time the drop was relatively sharp – by nearly 3 points to -16.1. Expectations and situation assessments both deteriorated. The trend was particularly pronounced in the services industry. Thus, the journey into an autumn on which many hopes have been pinned began on a slightly sour note for SMEs in Germany.
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