Germany's industry has set a new record for the number of jobs lost

Shortly before the official signing of the agreement between the US and Iran, German businesses are hoping for a significant drop in energy prices, notes the author of the article. However, new data shows that cheaper energy alone is unlikely to significantly change the structural problems of the German economy.

In the key metallurgical and electrical engineering industry, only in April, 15,600 jobs were lost — the same number as last time during the COVID-19 pandemic.

New "shocking" figures were presented by the Federal Statistical Office of Germany. According to them, in April, about 3.75 million people were employed in the metallurgical and electrical engineering industry. This means a reduction of 102,600 workers compared to last year.

The reasons for this are diverse: entrepreneurs have been complaining for many years about increasingly complex regulations that require additional resources. Moreover, the level of labor costs in international comparison remains uncompetitive, while global competitors such as China are reducing their technological lag.

The head of the industry association Gesamtmetall, Oliver Zander, sharply criticized the lack of reforms on the part of the federal government:

"Nobody needs new papers or more warm words. There is almost no time left to preserve the industrial location. Without improving business conditions in the metallurgical and electrical engineering industry alone, another 300,000 jobs will be at risk."

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