News from 2025-12-29 / KfW Research
KfW-ifo SME Barometer December 2025
Winter blues instead of Christmas cheer
The business confidence of small and medium-sized enterprises ended the year 2025 with a drop of 0.5 points to -15.0 balance points. The decline in December was due to more negative business expectations. Service businesses experienced the steepest drop. The only sector where confidence increased was the main construction industry, even though the improvement here was also very minor.
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