The economic situation of enterprises in Germany remains challenging. Many businesses had to contend with a decline in demand last year, which is increasingly weighing on their capital structure. This is shown by the results of the Business Survey 2026, conducted by KfW Research together with 19 leading, sectoral and regional business associations.

At the same time, the financing climate deteriorated further last year, while loan demand declined – also as a result of subdued investment activity. The share of enterprises undertaking investment was well below the levels seen in earlier recessionary phases. While 92% of respondents state that they do, in principle, have investment needs, there are currently no signs of a marked revival in investment activity in the coming months. According to the enterprises, what is needed above all to provide the necessary impetus is an improvement in the framework conditions.

Business Survey 2026 (Summary)(PDF, 136 KB, accessible)