In addition to the regularly recurring questions on enterprise metrics, expectations and access to loans, the Bundesbank frequently asks enterprises questions on various current issues. A selection of the results is presented here.

Expected change in domestic investment

Firms were asked to consider their expected investment compared with a scenario in which climate change did not exist. In the first quarter of 2024, 36% of firms expected their domestic investment to increase between 2024 and 2026, driven by climate change and the associated economic transformation. 4% of these firms even expected an increase of over 30%. Just under half of firms (48%) expected these factors to have little impact on their investment expenditure. By contrast, 16% of firms anticipated their domestic investment to decline due to climate change and its consequences.

Expected change in sales as a function of production and labour costs

An analysis of the data from the first quarter of 2024 shows that the more firms considered high production and labour costs to be problematic for the near future, the weaker the expected increase in sales for the current year was//turned out to be. For example, firms that considered said costs unproblematic expected an average increase in sales of 8%. By contrast, firms for which high production and labour costs were a pressing problem expected sales to increase by just under 3%.

Share of production costs accounted for by energy costs

The average share of production costs for firms in Germany accounted for by energy costs has declined since the question was first asked in Q1 2022, falling from 10.5% to 8.6% in Q1 2023 and most recently to 8.5% in Q1 2024.

High regulation and government rules pose a problem

High levels of regulation and government rules are seen by enterprises in Germany as problematic for the most part. In sectoral terms, the financial and insurance, mining, energy, agriculture and construction sectors are the frontrunners, with between 78% and 76% of firms classifying such rules and regulations as a pressing problem. Only in the information and communication sector did just under half of firms consider high levels of regulation or government rules to be problematic.