The ongoing economic crisis in Germany has cost the country’s industry more than 100,000 jobs over the past year. According to the dpa news agency, the country’s key automotive sector has been hit hardest.
Around 45,400 jobs were lost in the automotive sector alone.
According to a study based on data from the Federal Statistical Office, 5.46 million people were employed in German industry at the end of the first quarter, 1.8% or 101,000 fewer than a year ago. Since 2019, before the coronavirus pandemic, the number of people employed has fallen by a total of 217,000, a decline of 3.8%. In 2018, the industry reached a record high of around 5.7 million employees.
“Companies in the industry are under tremendous pressure,” said expert Jan Brorhilker.
“Aggressive competitors, especially from China, are lowering prices, key markets are weakening, demand in Europe is stagnating at a low level, and there is considerable uncertainty surrounding the entire US market. At the same time, companies are struggling with high costs, such as energy and personnel,” added Brorhilker.
According to expert estimates, the country will lose another 70,000 jobs by the end of the year.
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