According to Sparkasse information, many people have to tighten their belts significantly because of the sharp rise in prices. According to calculations by the German Savings Banks and Giro Association, 60 percent of households used up their entire monthly income and some savings for current expenses. This is an enormously important factor for German medium-sized companies, the association announced on Tuesday. Hospitality, tourism, retail and other service providers in particular have to adjust to the fact that customers spend less.
In addition, companies could face the brink of existence due to the high energy prices, said the association’s president, Helmut Schleweis. The association spoke out in favor of limiting electricity and gas prices. In addition, households and companies would have to save at least 20 percent energy and invest in renewable energies.
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“We don’t see any signs of a crisis at the moment,” said Schleweis, referring to the evaluation of the balance sheets of more than 300,000 corporate customers. However, the outlook is difficult: “We all have strenuous years ahead of us, some of which will also be full of hardship.” With an average equity ratio of just under 40 percent, companies have the capital to invest in the restructuring of the energy supply. The supply of credit is also secured.
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