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BERLIN, Sept 12 (Reuters) – German small and medium-sized enterprises achieved strong results in 2022 despite the difficult overall economic situation, a report of the German Savings Banks Association (DSGV) showed on Tuesday.

“When the impression is given these days that nothing in Germany works anymore, I answer that small and medium enterprises work,” said Helmut Schleweis, president of the DSGV, at the presentation of a study about small and medium enterprises.

The “S-Mittelstands-Fitnessindex,” based on the evaluation of 300,000 anonymised balance sheets of corporate customers of the savings banks, showed the vast majority of SMEs recorded significant increases in revenues and profits.

Revenues rose last year by an average of 14% and profits by 17% year-on-year, the report showed.

Despite the current challenges such as high inflation and energy prices, as well as a labour shortage, Germany’s economy is stronger than often described at the present, Schleweis said.

However, he said, some individual sectors had major problems, especially the construction industry, catering and retail.

High energy prices in Germany could make companies shift more of their production abroad, Schleweis said, pointing to another big challenge for the German economy.

“The danger that companies will migrate to countries where energy is cheaper is acute.”

Germany needs to make pragmatic use of all available energy for a limited period of time, as well as accelerate the transition towards renewable energy, he said.

Free vector smiling woman in austria traditional outfit“Instead of establishing new subsidies such as an industrial electricity price, reductions in electricity tax and a reform of grid fees are much faster and more effective,” Schleweis said. “This would benefit not only a few large companies, but also medium-sized businesses.” (Reporting by Maria Martinez and Klaus Lauer, Editing by Rachel More and Chizu Nomiyama)

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