KMU-Barometer

IfM Bonn uses the "Survey on the Access to Finance of Enterprises" (SAFE), which has been conducted since 2009 on behalf of the European Commission and the European Central Bank, to report semiannually on the current economic situation and challenges faced by SMEs in Germany and selected EU countries.

Economic situation improves at the end of 2025

Differenz aus dem Anteil der KMU, deren Umsatz, Gewinn und Investitionen in den vergangenen 3 Monaten gestiegen oder gesunken ist

By the end of 2025, two out of three key indicators – turnover and profits – had improved. Only SME investment activity in Germany declined slightly. Profits among German SMEs in particular showed a noticeable improvement since the beginning of 2025, despite a temporary downturn in the autumn. Nevertheless, throughout 2025 the economic situation of SMEs in Germany remained behind that of their counterparts in the euro area.

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_{Die Grafik zeigt für drei ausgewählte Indikatoren den Anteil der KMU mit einem Anstieg abzüglich des Anteils derer mit einem Rückgang des jeweiligen Indikators. Ein positiver Wert zeigt an, dass der Anteil der KMU mit einem Anstieg den Anteil derer mit einem Rückgang übersteigt. Ein negativer Wert zeigt an, dass der Anteil der KMU mit einem Rückgang größer ist als der KMU mit einem Anstieg. Je höher ein Wert, desto besser ist die wirtschaftliche Situation der KMU gemessen anhand des betrachteten Indikators.}

Challenges facing German SMEs intensify again

Als hochbedeutsam eingestufte Problemlagen, 2024-2025, Deutschland, Anteil der KMU

For a long time, the “ skilled labour shortage” has been the most significant challenge for SMEs in Germany. At times, nearly one in two SMEs rated this issue as highly significant. Other major areas of concern include “customer acquisition”, “production and labour costs”, and “regulation”. Over the course of 2025, issues such as the skilled labour shortage, production and labour costs, and regulation were once again perceived as highly significant by a growing number of SMEs in Germany.

Euro Area SMEs growing more concerned about regulation

Als hochbedeutsam eingestufte Problemlagen, 2024-2025, Euroraum, Anteil der KMU

For SMEs in the euro area, the skilled labour shortage continues to be the most pressing challenge. By contrast, “production and labour costs” lost further relevance in the third quarter, dropping to third place. At the same time, “regulation” is increasingly perceived as a major issue in the euro area – more so than in Germany. The share of SMEs rating this topic as 9 or 10 on the scale (“very problematic”) has been rising steadily for around a year. Overall, however, SMEs in Germany remain more affected by business challenges than their counterparts across the euro area.

The ʺSurvey on the Access to Finance of Enterprisesʺ (SAFE) is a pan-European survey conducted by the EuropeanCentral Bank (ECB) twice a year (covering issues related to problems faced by businesses) and four times a year(focusing on turnover, profits, and investments). Some countries, due to their small share of overall economic output,are only included once a year in the survey, which is why our analysis includes only the countries Austria (AT),Belgium (BE), Germany (DE), Spain (ES), Finland (FI), France (FR), Greece (GR), Ireland (IE), Italy (IT), theNetherlands (NL), Portugal (PT), and Slovakia (SK). Only small and medium-sized enterprises (SMEs) as defined bythe EU are considered.