The ongoing economic crisis in Germany has deprived the country's industry of more than 100,000 jobs in a year. According to the dpa agency, the key automotive sector of the country suffered the most.
About 45,400 jobs were lost in the automotive sector alone.
According to a study based on data from the Federal Statistical Office, by the end of the first quarter, 5.46 million people were employed in German industry, which is 1.8%, or 101,000 fewer than a year ago. Since 2019, before the coronavirus pandemic, the number of employees has decreased by a total of 217,000 people, decreasing by 3.8%. In 2018, the industry reached a record high of about 5.7 million employees.
"Companies in the industry are under tremendous pressure," says expert Jan Brorhilker.
"Aggressive competitors, especially from Prices are falling, key sales markets are weakening, demand in Europe is stagnating at a low level, and there is considerable uncertainty around the entire US market. At the same time, companies are struggling with high costs — for example, for energy and personnel," Brorhilker added.
According to expert estimates, the country will lose another 70,000 jobs by the end of the year.
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