News from 2025-10-16 / KfW Research
KfW-ifo Credit Constraint Indicator Q3 2025
The handbrake is still on in the credit market
Obtaining a bank loan remains a challenge for many small and medium-sized enterprises. To be sure, banks eased their lending policies slightly in the third quarter. The KfW-ifo Credit Constraint Indicator decreased only moderately after six consecutive increases, however, and remains near its record high level.
Despite falling interest rates and expectations for an economic recovery from the fiscal package, the demand side of the credit market is not picking up. It appears that businesses need to have greater confidence in an economic rebound in order to reignite their borrowing appetite.
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