EIB investment survey 2023 : Germany overview.
Date: 2024-02-01
Institutions: European Investment Bank
Subjects: Germany, aid to undertakings, corporate finance, data collection, investment abroad, investment policy, large business, loan, sample survey, small and medium-sized enterprises

Germany

Overview

EIB INVESTMENT SURVEYGermany

Overview

EIB INVESTMENT SURVEY 2023EIB Investment Survey Country Overview 2023: Germany
© European Investment Bank (EIB), 2024. All rights reserved. 

About the EIB Investment Survey (EIBIS)
The EIB Group Survey on Investment, which has been administered since 2016, is a unique, annual survey of some 13 000 firms. It covers 
firms in all European Union Member States and also includes a sample of firms in the United States.

The survey collects data on firm characteristics and performance, past investment activities and future plans, sources of finance, financing 
issues and other challenges that firms face, such as climate change and digital transformation. The EIBIS, which uses a stratified sampling 
methodology,  is  representative  across  all  27  EU  Member  States  and  the  United  States,  as  well  as  across  four  classes  of  firm  size  
(micro to large) and four main economic sectors (manufacturing, construction, services and infrastructure). The survey is designed to 
build a panel of observations, supporting the analysis of time-series data. Observations can also be linked back to data on firm balance  
sheets and profit and loss statements. The EIBIS was developed by the EIB Economics Department. It is managed by the department 
with the support of Ipsos.

About this publication
These reports provide an overview of data collected for the 27 EU Member States and the United States. They are intended to provide a 
snapshot of the data. For the purpose of these publications, data are weighted by value-added to better reflect the contribution of different 
firms to economic output. Contact: eibis@eib.org.

Download the findings of the EIB Investment Survey for each EU country or explore the data portal at www.eib.org/eibis.

About the Economics Department of the EIB
The mission of the EIB Economics Department is to provide economic analyses and studies to support the Bank in its operations and in 
the definition of its positioning, strategy and policy. The department and its team of 40 economists is headed by Debora Revoltella, director 
of economics.

Main contributors to this publication
Jochen Schanz, Andrea Martens, Julie Delanote and Marco Zeppi.

Disclaimer
The views expressed in this publication are those of the authors and do not necessarily reflect the position of the EIB.
To accommodate scheduling limitations, the content of this publication has not been subject to standard EIB copyediting or proofreading.

About Ipsos Public Affairs
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makes a difference for decision makers and communities.

For further information on the EIB’s activities, please consult our website, www.eib.org. You can also contact our InfoDesk, info@eib.org.

Published by the European Investment Bank. 
Printed on FSC® Paper.

pdf: QH-BL-23-014-EN-N ISBN 978-92-861-5665-6 ISSN 2599-8005 doi: 10.2867/373196

EIB Investment Survey 2023
Country overview: Germany

EIBIS 2023 – Germany overview

KEY RESULTS

Investment dynamics and focus
The share of firms that invested in Germany contracted from EIBIS 2020 to EIBIS 2021. This has partially
recovered in 2022, as reported in EIBIS 2023, with 85% of firms reporting to have invested. German firms
maintain, in net balance terms, a positive stance on their investment plans for 2023, a higher proportion of
German companies plans to increase rather than decrease their investment, with a net positive expectation
of 19%. This outlook is above the EU average of 14%.

Investment needs and priorities
Eighty percent of German firms believe their investments over the past three years have been adequate,
matching the 2022 EIBIS figure and broadly in line with the EU average of 82%. In planning for the next
three years, 42% of these firms report replacing existing assets as a priority, which is more prevalent than
expanding capacity (26%) or developing new products or services (25%). Only 8% of German firms have no
investments planned. This tendency to prioritize asset replacement is more pronounced in Germany than
the EU average (42% vs. 34%).

In terms of investment drivers and challenges in the short term, German firms express a cautious outlook.
They exhibit significant concern over the political and regulatory environment, with their negative
sentiment far exceeding the EU average (-54% vs. -30% on balance). Although there has been a slight
improvement in their economic outlook in the 2023 EIBIS, it remains deeply negative, albeit less so than
before (improving from a net balance of -64% to -27%). Concerns also linger around obtaining external
financing, with the negative sentiment marginally improving from the previous year (-14% vs. -16% on
balance), indicating a sustained decline in confidence over time.

Energy market developments
The energy crisis has significantly impacted German companies, mirroring the effects on firms throughout
the EU. The primary issues reported by German businesses are the high costs of energy and the prevailing
uncertainty in the market. Over half of the firms (57%) consider energy prices as a major concern. While
80% of German firms are worried about energy availability, compared to 73% in the EU, it is a major
concern for only 32%.

In reaction to the energy challenges, an overwhelming majority of German firms (97%) report to have at
least one mitigation strategy. The most common approach, adopted by 81%, is to pursue energy savings
and efficiency improvements. Additionally, 71% mention the renegotiation of energy contracts, and 69%
the transfer of increased energy costs to their customers. Only 21% mention reducing or halting production
as a strategy. The strategies reported by German firms align closely with those undertaken by companies
across the EU.

International trade
Nearly all German firms (98%) experienced disruptions in international trade, prompting the majority to
alter their sourcing strategies or consider doing so. When compared to the EU average, a higher percentage
of German companies were investing or have plans to invest in expanding their stocks and inventory (38%
vs. 31%) and in enhancing digital tracking of inventory and inputs (26% vs. 20%).

3

EIB Investment Survey 2023
Country overview: Germany

EIBIS 2023 – Germany overview

Climate change and energy efficiency
Climate-related issues are affecting a significant portion of German companies, with 59% reporting that
weather events impact their businesses, aligning closely with the 2022 EIBIS data (61%) and slightly under
the EU average of 64%. However, only 31% of German companies have taken steps or made investments to
fortify themselves against climate change risks, which is less than the EU average of 36%. These firms are
more inclined to invest in measures that reduce physical risk (23%) rather than adjust their overall strategy
(17%). A smaller number of German firms have opted for insurance to mitigate climate-related losses
compared to their EU counterparts (8% vs. 13%).

More German firms perceive the transition to stricter climate standards and regulations as a risk (37%)
rather than an opportunity (28%). In terms of environmental impact, 92% of German businesses report to
actively work to decrease Greenhouse Gas (GHG) emissions, yet just 40% have established and are tracking
their emission reduction targets. Around two-thirds are investing in energy efficiency (68%) and waste
reduction or recycling (66%). Over half are also adopting or investing in sustainable transportation (55%).
German firms are on par with the EU average in most of these actions, but they are notably more invested
in energy efficiency (68% vs. 59%) and sustainable transport (55% vs. 46%).

While 54% of German firms have invested in addressing weather impacts and carbon emission reduction,
this figure is lower than in previous EIBIS reports from 2022 (65%) and 2021 (73%). Nonetheless, 55% of
German companies plan to invest in these areas over the next three years, which is consistent with the EU
average (54%).

Innovation activities
Thirty-eight percent of German companies have developed or launched new products, processes, or
services as part of their investment activities in 2022. Furthermore, 13% have introduced innovations that
are new to the German or global markets. These numbers are in line with the 2022 EIBIS findings and the
current EU average.

In the realm of digital technology adoption, 73% of German firms report to use at least one advanced digital
technology. Robotics (55%) and digital platform technologies (56%) are more widely used, whereas
augmented or virtual reality technologies have seen a lower adoption rate of 11%. Except for 3D printing,
where Germany surpasses the EU (31% vs. 23%), the deployment of specific technologies generally mirrors
that of the EU average.

Investment impediments
The main long-term barriers to investment reported by German firms are the availability of skilled staff
(92%), energy costs (89%), and uncertainty about the future (77%). These challenges persist, with the
situation in Germany mirroring broader EU trends and corresponding with the findings from EIBIS 2022.

Access to finance
Aside from EIBIS 2020 data (5.7%), the present percentage of finance-constrained German firms (5.5%) is
the highest reported by the survey. Ten percent of German firms express dissatisfaction with the cost of
external finance, and 7% are discontent with the collateral requirements. Overall, levels of dissatisfaction
with external finance are low and comparable to those observed in the broader EU.

Note on how to read the results:
EIBIS 2023 overview presents the results of the survey run in 2023. Questions in the survey might point to “last 
financial year” (2022) or expectations for the current year (2023). The text and the footnote referring to the question 
will specify in each case which year is considered.

4

EIB Investment Survey 2023
Country overview: Germany

Investment dynamics and focus

INVESTMENT DYNAMICS BY INSTITUTIONAL SECTOR

•

Corporate investment in Germany has not fully recovered 
from the pandemic. Strong growth in the immediate 
aftermath of the pandemic only lasted for a few quarters, 
after which investment fell back to almost 4% its pre-
pandemic level. The energy shock and tighter financing 
costs left corporate investments largely unchanged, 
arguably because corporate profitability and demand for 
firms’ products remained robust. 

•

In contrast to corporate investments, investments by 
households continued to grow throughout the pandemic 

and during 2021, when households took advantage of low 
mortgage rates, savings accumulated during the 
pandemic, and fiscal subsidies to finance renovations and 
house purchases. Households’ investment started to 
weaken when tighter monetary policy caused mortgage 
rates to increase.

• Government investment grew throughout the pandemic 
but weakened thereafter. Overall, it is about at the same 
level as before the pandemic.

2023 Q2 vs. 2008 Q4: +16.0%

6%

4%

2%

0%

-2%

-4%

-6%

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10%
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-2%
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-6%
-8%
-10%

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Corporations

Government

Households

Total

Corporations

Government

Households

Total

The LHS chart shows the evolution of total gross fixed capital formation (GFCF) by institutional sector, in real terms and non seasonally nor calendar adjusted. The nominal GFCF source data was 
transformed into four-quarter sums and deflated using the implicit deflator for total GFCF (2015=100 euro). The four-quarter sum of total GFCF in 2019Q4 is normalised to 0. 
The RHS chart shows the y-o-y % change in total real GFCF by institutional sector. The implicit deflator for total GFCF (2015=100 euro) was used for deflating the nominal GFCF source data. 
Source: Eurostat, authors’ own calculations.

INVESTMENT CYCLE AND EVOLUTION OF INVESTMENT EXPECTATIONS

•

The share of firms that invested in Germany contracted 
from EIBIS 2020 to EIBIS 2021. This has partially recovered 
in 2022, as reported in EIBIS 2023, with 85% of firms 
reporting to have invested. 

• German firms maintain, in net balance terms, a positive 
stance on their investment plans for 2023, a higher 
proportion of German companies plans to increase rather 
than decrease their investment, with a net positive 
expectation of 19%. This is similar to EIBIS 2022 (22%) but 
above the net balance reported for the EU average (14%).

•

Infrastructure and manufacturing firms are the most likely 
to expect to increase rather than decrease investment (net 
balance of 25% for both). Large firms have a far more 
positive outlook than SMEs (29% versus 6% on balance).

Realised 
change (%)

Expected 
change (%)

2018  - 2019

2019  - 2020

2020  - 2021

2021  - 2022

expectation for
2023  relative
to 2022

18.9%

15.7%

-9.7%

-29.0%

15.8%

21.8%

18.8%

11.0%

18.6%

‘Realised change’ is the share of firms that invested more minus those that invested less; 
‘Expected change’ is the share of firms that expect(ed) to invest more minus those that 
expect(ed) to invest less.

Base for expected and realised change: All firms 

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Low investment expanding

High investment expanding

Infrastructure

Large

EU 2022 

DE 2022 

DE 2023 

Manufacturing

EU 2023 

Construction

DE 2021 

SME

Services

DE 2020 

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

80%

82%

84%

86%

88%

90%

Low investment contracting

High investment contracting

Share of firms investing

Share of firms investing shows the percentage of firms with investment per employee greater 
than €500. 

Base for share of firms investing: All firms (excluding don’t know/refused responses)

Base for expected and realised change: All firms 

5

 
 
 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Investment dynamics and focus

PURPOSE OF INVESTMENT IN LAST FINANCIAL YEAR (% of firms’ investment)

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Capacity expansion

Replacement

New products/services

Other

100%

80%

60%

40%

20%

0%

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• German firms directed 40% of their investment towards 
intangible assets (R&D, software, training and business 
processes). This is very similar to EIBIS 2022 (39%) and the 
current EU average (38%). 

•

•

Investment activities varied depending on the sector and 
size of the business. SMEs invested a higher share than 
large firms in intangible assets (45% versus 36%) and a 
lower share in tangible assets (land, buildings, 
infrastructure and machinery) (55% versus 64%).

Service sector firms directed the highest proportion of 
investment towards intangible assets (47%) while 
construction invested the lowest share (30%).  

• On average, firms in Germany spent 49% of their 

investment on replacement in 2022. This is similar to EIBIS 
2022 (47%) and in line with the current EU average (47%). 

•

•

•

Investment in capacity expansion accounted for over a 
fifth of total investment (22%). This is also in line with EIBS 
2022 (25%) and the current EU average (24%).

Investment in new products and services accounted for a 
lower share of the total expenditure (14%), although this 
was higher in the manufacturing sector (19%) than other 
sectors where it ranged from 9% to 11%.

Large firms directed a larger proportion of their 
investment towards capacity expansion than SMEs (25% 
versus 18%).

Q. What proportion of total investment in the last financial year was for (a) developing or 
introducing new products, processes, services; (b) replacing capacity (including existing 
buildings, machinery, equipment and IT); (c) expanding capacity for existing 
products/services?

Base: All firms that have invested in the last financial year (excluding don’t know/ refused 

responses)

INVESTMENT AREAS

Land, business buildings and infrastructure

Machinery and equipment

Research and development

Software, data, IT and website activities

Training of employees

Organisation/business processes

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Q. In the last financial year, how much did your business invest in each of the following with 

the intention of maintaining or increasing your company’s future earnings?

Base: All firms that have invested in the last financial year (excluding don’t know/refused 

responses)

6

 
 
 
 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Investment needs and priorities

PERCEIVED INVESTMENT GAP

•

Firms do not perceive major gaps in terms of investment. 
Eight in ten German firms (80%) believe that their 
investment activities over the last three years were about 
the right amount. This share is the same as in EIBIS 2022 
(80%) and close to the current EU average (82%).

• Almost matching the figure in EIBS 2022, 14% of firms in 
Germany believe they invested too little over the past 
three years. Only 3% report too much investment, which is 
identical to both EIBIS 2022 and the EU average.

•

In Germany, infrastructure firms (22%) are the most likely 
to say they invested too little over the past three years. 
SMEs and large firms hold very similar views regarding 
their past levels of investment.

s

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100%

80%

60%

40%

20%

0%

Invested too much
Invested too little

About the right amount
Don't know/refused

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Q. Looking back at your investment over the last three years, was it too much, too little, or 

about the right amount?

Base: All firms (excluding ‘Company didn’t exist three years ago’ responses)

FUTURE INVESTMENT PRIORITIES

Capacity expansion
New products/services

Replacement
No investment planned

s

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100%

80%

60%

40%

20%

0%

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Q. Looking ahead to the next three years, which is your investment priority (a) replacing 

capacity (including existing buildings, machinery, equipment, IT); (b) expanding capacity 
for existing products/services; (c) developing or introducing new products, processes or 
services?

Base: All firms (excluding don’t know/refused responses)

•

•

•

In EIBIS 2023, firms in Germany expressed similar 
investment priorities to those in EIBIS 2022. Just over four  
in ten (42%) report to prioritize replacement over the next 
three years, while a quarter expect to prioritize 
investment in either capacity expansion (26%) or new 
products or services (25%).

Fewer than one in ten German firms have no investment 
planned (8%). This matches EIBIS 2022 (8%) and is very 
close to the current EU average (10%).

The investment priorities of firms in Germany are slightly 
different to those across the EU. They are more likely to 
be prioritizing replacement (42% versus 34%) and less 
inclined to invest in capacity expansion (26% versus 30%).

• More than a half of services firms (54%) expect to invest 
in replacement, while manufacturing (37%) has the 
highest proportion of firms intending to invest in new 
products and  services.

• Only 2% of large firms have no investment planned 

whereas it accounts for 15% of SMEs. Large firms (45%) 
are placing the highest priority on replacement.

7

 
 
 
 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Investment needs and priorities

SHORT-TERM DRIVERS AND CONSTRAINTS

• As in EIBIS 2022, firms in Germany are on balance 

pessimistic about investment conditions for the next 
year. This outlook is shared by firms across the EU.

• German firms are particularly pessimistic about the 

political and regulatory climate and the negative balance 
is much lower than the EU average (-54% versus -30%). 
Expectations of the economic climate have improved but 
still remain negative (rising from -64% to -27% in net 
balance terms). 

• Almost as many German firms expect prospects in their 
sector to improve rather than worsen, but they are 
concerned about the availability of external finance. The 
negative balance is very similar to EIBIS 2022 (-14% versus 
-16%) and continues a long-term decline in sentiment. 
Expectations for the availability of internal finance have 
risen since EIBIS 2022 (6% versus -1% on balance) but 
remains far below the peak seen seven years ago.

EU net balance*

DE net balance*

s

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70%

50%

30%

10%

-10%

-30%

-50%

-70%

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Political or
regulatory climate

Economic
climate

Business prospects
in the sector

Availability of
external finance

Availability of
internal finance

Q, Do you think that each of the following will improve, stay the same, or get worse over the 

next 12 months?

Base: All firms

*Net balance is the share of firms expecting an improvement minus the share of firms 
anticipating a deterioration.

SHORT-TERM DRIVERS AND CONSTRAINTS BY SECTOR AND SIZE (net balance %)

• Across all sectors and for both SMEs and large businesses, 

a balance of at least 51% has a negative outlook on 
Germany’s political and regulatory climate. Although at a 
lower level, the outlook on the economic climate and 
external finance is also negative on balance in all sectors 
and among firms of every size.

•

•

•

By a  very small margin companies still expect an overall 
improvement in business prospects. However, on balance, 
construction and services sector firms are pessimistic 
about their own prospects (-12% and -10%, respectively). 

The one area where German firms are consistently more 
likely to be optimistic than pessimistic (albeit by low 
margins) is access to internal finance. Construction firms 
(10%) have the highest balance of optimism over the 
availability of internal finance. A similar figure is seen 
among large firms (9% in net balance terms). 

In general, SMEs tend to be more pessimistic than large 
firms about investment conditions for the next year.

Political / 
regulatory  
climate 

Economic 
climate 

Business 
prospects

External 
finance 

Internal 
finance

Germany

54%

27%

1%

14%

6%

Manufacturing

53%

27%

6%

10%

7%

Construction

55%

38%

12%

26%

10%

Services

52%

21%

10%

13%

5%

Infrastructure

57%

29%

8%

18%

6%

SME

58%

32%

1%

16%

4%

Large

51%

22%

3%

11%

9%

Please note: green figures represent a positive net balance, while red figures represent a 
negative net balance.

Q. Do you think that each of the following will improve, stay the same, or get worse over the 

next 12 months?

Base: All firms

8

 
 
Energy market developments

INCREASED SPENDING ON ENERGY

•

•

•

Firms in Germany were as likely as those across the EU to 
report that they have faced increases in energy costs (94% 
vs 93%). 

The proportion of firms facing increased energy cost was 
consistent across sectors, although manufacturers (69%) 
were the most likely to have faced an increase of 25% or 
more. This compares to 59% within construction. 

SMEs were just as likely as large firms to have faced 
increases in energy costs (both 94%). In both cases 
approximately two-thirds reported an increase of 25% or 
more in energy spending (64% and 66%, respectively).

EIB Investment Survey 2023
Country overview: Germany

Increase of 25% or more

Increase of less than 25%

EU 2023

DE 2023

Manufacturing

Construction

Services

Infrastructure

SME

Large

0%

20%

40%

60%

80%

100%

Share of firms

Q. Since the beginning of 2022, by how much has your company’s spending on energy 

(including gas, electricity, oil) changed on average?

Please note: Responses of ‘spending on energy stayed about the same’ and ‘spending on 
energy decreased’ not shown on chart.

Base: All firms (excluding don’t know/refused responses)

IMPACT OF ENERGY SHOCK

•

The energy crisis hit German firms strongly and to a 
similar extent to those across the EU. As for EU firms in 
general, the major concerns for German firms were 
energy prices and uncertainty. Energy prices were a major 
concern for more than a half of German firms (57%). 

• German firms were more concerned than the average EU 
business about energy availability (80% versus 73%) and 
regulatory frameworks/stricter climate standards (84% 
versus 79%). However, energy availability was only a 
major concern for 32% of German firms.

EU — major concern

EU — minor concern

DE — major concern

DE — minor concern

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

EU

DE

EU

DE

EU

DE

EU

DE

Energy prices

Availability of energy

Energy regulatory frameworks / stricter
climate standards

Uncertainty about energy prices, availability
or regulatory frameworks

Q. Thinking about the energy shock, to what extent is your company concerned about …?

Base: All firms (data not shown for those that said not an obstacle at all/don’t know/refused)

9

 
 
EIB Investment Survey 2023
Country overview: Germany

Energy market developments

STRATEGIES TO DEAL WITH THE ENERGY SHOCK
• Almost every German firm (97%) responded to the 
energy shock by putting forward at least one of the 
strategies proposed. The response most frequently taken 
by German firms was to seek energy savings/efficiencies 
(81%). 

•

Seven in ten mention the renegotiation of their energy 
contract (71%) or passing increased energy costs on to 
customers (69%). One in five (21%) report that stopping 

or reducing production of certain goods or services is a 
strategy or priority.

•

The extent and type of response made by German firms 
was very similar to those across the EU, except for 
passing increasing energy costs to customers, which was 
higher among German firms than EU firms (69% versus 
62%).

EU

DE

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

Any Strategy

Energy savings/efficiencies

Changing energy mix

Renegotiating energy
contract

Passing increasing energy
costs to customers

Stopping/reducing the
production of certain good
or services

Q. Which, if any of the following, are your priorities/strategies to deal with the recent 

developments in the energy market?

Base: All firms (excluding don’t know/refused responses)

IMPACT AND STRATEGIES TO DEAL WITH ENERGY SHOCK

100%

98%

96%

94%

92%

90%

k
c
o
h
s
y
g
r
e
n
e
h
t
i

w

l

a
e
d
o
t
y
g
e
t
a
r
t
s

a
h
t
i

w

s

m

r
i
f

f
o
e
r
a
h
S

•

•

The proportion of firms in Germany concerned about the 
energy shock is very similar to that seen across the EU as 
whole (97% versus 96%). A similar proportion to the EU 
average adopted strategies to help deal with recent 
developments in the energy market (97% versus 95%).

In Germany, concern was at a similar level for firms in all 
sectors, ranging from 98% of manufacturers to 95% among 
infrastructure firms. Levels of concern were very high  
among both large firms and SMEs (99% and 95%, 
respectively).

• Nearly all manufacturing and service sector firms (both 
98%) had adopted strategies in response to the energy 
shocks. The construction sector had the lowest share of 
firms adopting strategies (93%). A higher proportion of 
large firms than SMEs adopted strategies to deal with the 
recent developments in the energy market (99% versus 
94%). 

Q. Which, if any, of the following,  are your priorities/ strategies to deal with the recent 

developments in the energy market? 

Q. Thinking about the energy shock, to what extent is your company concerned about … 

Base: All firms for ‘share of firms concerned about the energy shock’
Base: All firms (excluding don’t know/refused responses) for ‘share of firms with a strategy to 

deal with the energy shock’

10

Large

Services

Manufacturing

DE 2023

EU 2023

SME

Infrastructure

Construction

90%

92%

94%

96%

98%

100%

Share of firms concerned about the energy shock

 
 
 
 
 
 
 
 
 
 
 
 
 
 
International trade

ENGAGEMENT IN INTERNATIONAL TRADE

• Overall, 58% of German firms report to be engaged in 

international trade. This figure is almost identical to EIBIS 
2022 (59%) but slightly below the current EU average 
(62%). 

• While the majority of manufacturers (79%) and service 

sector firms (55%) in Germany are trading internationally, 
this accounts for relatively few construction (20%) or 
infrastructure firms (32%). Almost two-thirds of 
manufacturers (65%) are both exporters and importers of 
goods and/or services.

•

Large firms are more likely than SMEs to be engaged in 
international trade (66% versus 49%). Half of Germany’s 
large firms  (50%) are both exporting and importing goods 
and/or services.

Q. In 2022, did your company export or import goods and/or services?

Base: All firms (excluding don’t know/refused responses)

DISRUPTIONS RELATED TO INTERNATIONAL TRADE

• With the exception of recent changes in customs and 
tariffs (49%), each of the six obstacles covered by the 
survey had an impact on at least a half of German firms.

• Disruption to logistics and transport (72%) has been the 

largest obstacle, while almost two-thirds (65%) have been 
impacted by access to commodities or raw materials, or 
other components, services or equipment.

EIB Investment Survey 2023
Country overview: Germany

Exported and Imported

Imported only

Exported only

Neither

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

3
2
0
2
U
E

2
2
0
2

E
D

3
2
0
2

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

•

In general, these obstacles were experienced by German 
firms to a similar extent as those across the EU. However, 
in relative terms disruption to logistics and transport is a 
bigger obstacle to firms in Germany than those 
throughout the EU (72% versus 65%).

EU — major obstacle
EU — minor obstacle

DE — major obstacle
DE — minor obstacle

100%

80%

s

m

r
i
f

f
o
e
r
a
h
S

60%

40%

20%

0%

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

Access to commodities or
raw materials

Access to semiconductors
and microchips

Access to other components,
semi-finished products,
services or equipment

Disruptions of logistics and
transport

Compliance with new
regulations, standards or
certifications

Recent changes in customs
and tariffs*

Q. Since the beginning of 2022, were any of the following an obstacle to your business’s 

activities? 

Base: All firms (excluding don’t know/refused/not applicable responses)
*Base: All importers and exporters (excluding don’t know/refused/not applicable responses)

11

 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

International trade

SOURCING STRATEGY

• Asked about potential changes to their sourcing strategy, 
firms in Germany are more likely than those across the EU 
to be investing or have plans to invest in increased stocks 
and inventory (38% versus 31%) and digital inventory and 
inputs tracking (26% versus 20%).

• German importers are equally as likely as those across the 
EU to have reduced or plan to reduce the share of goods 
or services imported from abroad (9% versus 10%) but are 
less inclined to diversify or increase the number of 
countries they import from or have plans to do so (19% 
versus 24%).

s

m

r
i
f

f
o
e
r
a
h
S

40%

30%

20%

10%

0%

The changes asked about 
differ by import status

40%

30%

20%

10%

0%

t
r
o
p
m

i

t
a
h
t

s

m

r
i
f

f
o
e
r
a
h
S

EU

DE

EU

DE

EU

DE

EU

DE

Increasing stocks and inventory * 1

Investing in digital inventory and
inputs tracking * 1

Reducing the share of goods or
services imported from abroad * 2

Diversifying or increasing the number
of countries you import from * 2

* 1 = Asked to all, 2 = Asked to all importers

Q. Since the beginning of 2022, has your company made or are you planning to make any of 

the following changes to your sourcing strategy?

Base: All firms (excluding don’t know/refused responses)
Base: All firms that import (excluding don’t know/refused responses)

DISRUPTIONS AND SOURCING STRATEGY

• Almost all German firms faced at least one of the 

disruptions to international trade asked about (98%), and  
more than a half (54%) have changed their sourcing 
strategy or are planning to change it. The proportion 
changing or planning to change their sourcing strategy is 
slightly higher than the EU average (54% versus and 49%)

• Manufacturing and large firms are most likely to have 

changed or have plans to change their sourcing strategy 
(62% and 58% respectively). Infrastructure firms (36%) and 
SMEs (49%) are the least likely.

Q. Since the beginning of 2022, were any of the following an obstacle to your business’s 

activities? 

Q. Since the beginning of 2022, has your company made or are you planning to make any of 

the following changes to your sourcing strategy?

Base: All firms (excluding don’t know/refused responses)

12

100%

98%

96%

e
d
a
r
t

94%

92%

90%

l
a
n
o
i
t
a
n
r
e
t
n

i

o
t
n
o
i
t
p
u
r
s
i
d
g
n
i
c
n
e
i
r
e
p
x
e

s

m

r
i
f

f
o
e
r
a
h
S

Construction

Large

Manufacturing

Infrastructure

DE 2023

SME

EU 2023

Services

30%

40%

50%

60%

70%

Share of firms changing their sourcing strategy

 
 
 
 
 
 
 
 
 
 
 
 
 
Climate change and energy efficiency

EIB Investment Survey 2023
Country overview: Germany

IMPACT OF CLIMATE CHANGE – PHYSICAL RISK

•

•

Climate change is a reality for most German firms with 
three in five (59%) reporting weather events as having an 
impact on their business. This is a similar level to EIBIS 
2022 (61%) but a little below the current EU average 
(64%).

The figures are broadly consistent across all sectors, 
although construction firms are less likely than others to 
report weather events as having impacted their business 
(53%). This compares to 64% of services firms.

• A majority of SMEs (56%) say weather events have 

impacted their business, and the figure is even higher 
among large firms (62%).

• Among the service sector (20%) and large firms (19%), one 
in five say weather events are having a major impact on 
their business.

Q. Thinking about the impact of climate change on your company, such as losses due to 

extreme climate events, including droughts, flooding, wildfires or storms or changes in 
weather patterns due to progressively increasing temperature and rainfall. What is the 
impact, also called physical risk, of this on your company?

Base: All firms (excluding don't know/refused responses)

BUILDING RESILIENCE TO PHYSICAL RISK

Any
Adaptation strategy for the physical risks
Invested in solutions to avoid/reduce exposure to physical risk
Bought insurance products to offset climate-related ones

60%

50%

40%

30%

20%

10%

0%

s

m

r
i
f

f
o
e
r
a
h
S

EU 2023

DE 2023

SME

Large

Q. Has your company developed or invested in any of the following measures to build 

resilience to the physical risks to your company caused by climate change? 

Base: All firms (excluding don't know/refused responses)

A major impact

A minor impact

No impact at all

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

3
2
0
2
U
E

2
2
0
2

E
D

3
2
0
2

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

• Almost a third (31%) of German firms have developed or 
invested in measures to build resilience to the physical 
risks to their company caused by climate change. This is 
similar to the EU average (36%).

• German firms were more likely to invest in solutions to 

avoid or reduce the exposure to physical risks (23%), than 
to adapt their strategy (17%). Both figures are similar to 
the EU average (20% and 16%, respectively).

•

•

Relatively few firms have bought insurance products to 
offset climate-related losses, and the proportion in 
Germany is lower than the EU average (8% versus 13%).

Large firms were more likely than SMEs to have invested 
in solutions to avoid or reduce exposure to physical risks 
(36% versus 25%). But they were as likely as SMEs to have 
bought relevant insurance products (7% versus 9%).

13

 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Climate change and energy efficiency

IMPACT OF CLIMATE CHANGE – RISKS ASSOCIATED WITH THE TRANSITION TO A NET ZERO EMISSION 
ECONOMY OVER THE NEXT FIVE YEARS

•

•

The share of German firms seeing the transition to stricter 
climate standards and regulations as a risk is higher than 
the proportion regarding it as an opportunity (37% and 
28%, respectively). This is similar to EIBIS 2022 and broadly 
in line with the current EU average.

Construction is the only sector where more firms regard 
the transition to stricter climate standards and regulations 
as an opportunity rather than a risk (29% versus 26%). The 
balance regarding it as a risk rather than an opportunity is 
highest among infrastructure firms (43% versus 30%). 

• Among both large firms and SMEs, businesses are more 
likely to think the transition represents a risk rather than 
an opportunity. However, the proportion saying it is an 
opportunity is higher within large firms than SMEs (34% 
versus 21%).

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

A risk

No impact

An opportunity

3
2
0
2
U
E

2
2
0
2

E
D

3
2
0
2

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. Thinking about your company, what impact do you expect this transition to stricter climate 

standards and regulations will have on your company over the next five years?

Base: All firms (excluding don't know/refused responses)

ACTIONS TO REDUCE GREENHOUSE GAS EMISSIONS

•

•

In line with the EU average, over nine in ten German firms 
(92%) are taking actions to reduce Greenhouse Gas (GHG) 
emissions.

•

The main actions taken by German firms are investments in 
energy efficiency (68%) and waste minimization and 
recycling (66%). More than a half are also implementing or 

investing  in sustainable transport options (55%).

The figures for specific actions tend to match the EU 
average, although compared to the EU as a whole German 
firms are more likely to be investing in energy efficiency 
(68% versus 59%) or sustainable transport options (55% 
versus 46%)

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

Implementing any

Investing in new, less
polluting, business areas
and technologies

Investing in energy
efficiency

Onsite/offsite renewable
energy generation

Waste minimization and
recycling

Sustainable transport
options

Q. Is your company investing or implementing any of the following, to reduce greenhouse gas 

(GHG) emissions? 

Base: All firms (excluding don't know/refused responses)

14

 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Climate change and energy efficiency

ENERGY AUDIT

• Nearly six in ten (57%) German firms have had an energy 
audit in the past three years. That is an assessment of the 
energy needs and efficiency of their company’s building or 
buildings. This is higher than the EU average (50%). 

• Almost two-thirds of German manufacturers (64%) and 

over half of infrastructure (56%) and services firms (54%) 
have had an energy audit, but a much lower proportion of 
construction companies (23%) have taken this action. 

• Over eight in ten large firms (82%) have had an energy 

audit in the past three years. This proportion is three times 
higher than for SMEs (27%).

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. In the past three years, has your company had an energy audit (i.e. an assessment of the 

energy needs and efficiency of your company’s building or buildings?

Base: All firms (excluding don’t know/refused responses)

CLIMATE CHANGE TARGETS FOR OWN GREENHOUSE GAS EMISSIONS

2023

2022

s

m

r
i
f

f
o
e
r
a
h
S

80%

60%

40%

20%

0%

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

•

•

•

Four in ten firms in Germany (40%) report that they set 
and monitor targets for their own GHG emissions. This is 
slightly higher than in EIBIS 2022 (36%) and in line with 
the current EU average (42%). 

Just under half of manufacture firms (47%) set and 
monitor GHG targets. Meanwhile, construction is the only 
sector where the proportion of German firms setting and 
monitoring these targets has fallen slightly since EIBIS 
2022 (down from 21% to 17%).

Large firms are three times as likely as SMEs to say they 
set and monitor targets for their own GHG emissions (59% 
versus 19%).

Q. Does your company… sets and monitors targets for its own greenhouse gas (GHG) 

emissions?

Base: All firms (excluding don’t know/refused responses)

15

 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Climate change and energy efficiency

SHARE OF FIRMS INVESTING IN MEASURES TO IMPROVE ENERGY EFFICIENCY

• Nearly six in ten (59%) German firms invested in measures 
to improve energy efficiency in 2022. This is above the EU 
average of 51%, and an increase compared to the figure 
recorded for Germany in EIBIS 2022 (48%). 

• Manufacturing firms in Germany (64%) were the most 

likely to be investing in energy efficiency, while 
construction firms were the least likely to be doing so 
(50%). In each sector the figure is higher than in EIBIS 2022 
with the largest increase seen among service firms (up 
from 41% to 57%).

• Although the proportion of SMEs investing in measures to 
improve energy efficiency has increased slightly since EIBIS 
2022 (from 38% to 43%), the figure is currently far higher 
among large firms (72%).

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

2023

2022

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. What proportion of the total investment in the last financial year was primarily for 

measures to improve energy efficiency in your organisation?

Base: All firms

AVERAGE SHARE OF INVESTMENT IN MEASURES TO IMPROVE ENERGY EFFICIENCY

t
n
e
m

t
s
e
v
n

i

f
o
e
r
a
h
S

2023

2022

40%

35%

30%

25%

20%

15%

10%

5%

0%

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

• An average of 12% of the investment made by firms in 

Germany was directed towards measures to improve the 
organisation’s energy efficiency. This is almost the same 
proportion as in EIBIS 2022 (11%) and identical to the 
current EU average (12%).

•

•

Infrastructure (15%) and services firms (13%) were using 
the biggest proportion of their total investment to 
improve energy efficiency. This represents a slight 
increase among infrastructure firms (from 11%). 
Construction firms (8%) were using less than a tenth of 
their total investment on measures to improve energy 
efficiency.

Large firms were using a greater proportion of their total 
investment than SMEs to improve energy efficiency (15% 
versus 10%).

Q. What proportion of the total investment in the last financial year was primarily for 

measures to improve energy efficiency in your organisation?

Base: All firms that have invested in the last financial year (excluding don’t know/refused responses)

16

 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Climate change and energy efficiency

INVESTMENT PLANS TO TACKLE CLIMATE CHANGE IMPACT

t
s
e
v
n

i

o
t
n
a
l
P

80%

70%

60%

50%

40%

30%

20%

20%

Manufacturing

Large

Construction

DE 2023

EU 2023

Services

DE 2021

DE 2022

SME

Infrastructure

30%

40%

50%

60%

70%

80%

90%

100%

Already invested

EIBIS 2022/2023:
Q. Which of the following applies to your company regarding investments to tackle the 

impacts of weather events and to help reduce carbon emissions?

EIBIS 2021:
Q. Now thinking about investments to tackle the impacts of weather events and to deal with 

the process of reduction in carbon emissions, which of the following applies?

Base: All firms (excluding don't know/refused responses)

Please note: question change and an additional answer option was included in 2022, this may 
have influenced the data. Treat comparison to 2021 with caution.

•

In Germany, 54% of firms have already invested in tackling the impacts of weather events and dealing with the process of 
reducing carbon emissions. This matches the current EU average (56%) but represents a large drop since EIBIS 2022 (65%).

• Over a half of German firms (55%) have plans to invest in these areas in the next three years. This also matches the EU average 

(54%) and is slightly higher than either EIBIS 2022 (50%) or EIBIS 2021 (49%).

•

•

Services sector has the highest share of firms that have already invested to tackle the impacts of weather events (67%). 
Manufacturing has the highest proportion that plans to invest (62%), and with the exception of infrastructure (44%), more than 
a half of firms in every sector say they plan to make such investments.

Large firms are more likely than SMEs to have already invested (63% versus 44%) and to have plans to invest (65% versus 43%).

17

 
 
EIB Investment Survey 2023
Country overview: Germany

Innovation activities

INNOVATION ACTIVITY 

No Innovation

New to the firm

New to the country/global market

EU 2023

DE 2022

DE 2023

US 2023

Manufacturing

Construction

Services

Infrastructure

SME

Large

0%

20%

40%

60%

80%

100%

Share of firms

Q. What proportion of total investment in the last financial year was for developing or 

introducing new products, processes or services?                                                                             

Q. Were the products, processes or services new to the company, new to the country or new 

to the global market? 

Base: All firms (excluding don’t know/refused responses)

• Almost four in ten German firms (38%) developed or introduced new products, processes or services as part of their 

investment activities in 2022. This is similar to EIBIS 2022 (35%) and the current EU average (39%). By contrast, the majority of 
US firms (57%) developed or introduced new products, processes or services.

• Over one in ten firms in Germany (13%) report the development / introduction of products, processes or services new to either 
Germany or global markets. Again, this is similar to EIBIS 2022 (9%) and matches the current EU average (13%). It also matches 
the USA (12%).

• Manufacturing (51%) had the highest proportion of firms investing in innovation, with a fifth (20%), reporting the development 
/ introduction of products, processes or services new to either Germany or global markets. The lowest investing shares in 
innovation are observed in services (25%) and infrastructure (27%). 

• More large firms invested in innovation than SMEs (40% versus 34%).

18

EIB Investment Survey 2023
Country overview: Germany

Single technology

Multiple technologies

EU 2023

DE 2022

DE 2023

US 2023

Manufacturing

Construction

Services

Infrastructure

SME

Large

0%

20%

40%

60%

80%

100%

Share of firms

Reported shares combine “used” the technology “in parts of business” and “entire business 
organised around it.”

Single technology is where firms have used one of the technologies asked about.
Multiple technologies is where firms have used more than one of the technologies asked 
about.

The technologies asked about 
differ by sector

Innovation activities

USE OF ADVANCED DIGITAL TECHNOLOGIES

• Almost three-quarters of firms in Germany (73%) used at 
least one advanced digital technology. This is similar to 
both the EU average (70%) and EIBIS 2022 (71%).

• Manufacturing firms (78%) are the most likely to have 
adopted at least one advanced digital technology. Only 
within construction (55%) fewer than two-thirds of firms 
used any digital technologies.

•

•

•

Large firms are more likely than SMEs to have adopted 
such technologies (83% versus 62%) and are more inclined 
to use multiple digital applications (45% versus 36%).

Firms in Germany make more use of robotics (55%) and 
digital platform technologies (56%) than other digital 
technologies. Relatively few (11%) have adopted 
augmented or virtual reality technology and overall their 
use of specific technologies tends to match that for the EU 
as a whole. 

Firms in Germany (31%) make greater use of 3D-printing 
than those across EU (23%) or in the US (17%). Their use of 
digital platform technologies (56%) is also higher than US 
firms (43%).

Q. To what extent, if at all, are each of the following digital technologies used within your 

business? Please say if you do not use the technology within your business.

Base: All firms (excluding don’t know/refused responses)

ADVANCED DIGITAL TECHNOLOGIES

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

EU

DE

US

EU

DE

US

EU

DE

US

EU

DE

US

EU

DE

US

EU

DE

US

EU

DE

US

Internet of things
* 1,2,3,4

Big Data/AI
* 1,2,4

3D Printing
* 1,3,4

Augmented or
virtual reality
* 2,3

Digital platform
technologies
* 2,4

Automation
via robotics
* 1

Drones
* 3

* Sector: 1 = Asked to manufacturing firms, 2 = Asked to services firms, 3 = Asked to construction firms, 4 = Asked to infrastructure firms

Q. To what extent, if at all, are each of the following digital technologies used within your 

business? Please say if you do not use the technology within your business.

Reported shares combine used the technology ‘in parts of business’ and ‘entire business 
organised around it’

Base: All firms (excluding don't know/refused responses);
Sample size DE: Manufacturing (169); Construction (133); Services (139); Infrastructure (147).

19

 
 
EIB Investment Survey 2023
Country overview: Germany

Investment impediments

LONG-TERM BARRIERS TO INVESTMENT 

•

•

In Germany, the long-term barriers to investment are 
considered to be availability of skilled staff (92%), energy 
costs (89%), and uncertainty about the future (77%). 
These are also the main barriers for firms across the EU.

The impact of these barriers is not easing with the 
findings in Germany very similar to those of EIBIS 2022. 

• At least  90% of firms in all sectors regard the availability 
of skilled staff as a long-term barrier to investment. At 

least 81% of infrastructure firms say energy costs are 
barrier and although they may use lower volumes  than 
other firms, this rises to 93% of services firms. 
Manufacturers (85%) are the most likely to say 
uncertainty over the future is a barrier to investment.

•

In every sector and among both large firms ands SMEs, a 
minority says availability of finance is a barrier to 
investment. SMEs (74%) consider business regulations a 
barrier to a greater extent than large firms (64%).

EU — major obstacle

EU — minor obstacle

EU 2022

DE — major obstacle

DE — minor obstacle

DE 2022

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

EU

DE

Demand for
products/
services

Availability of
skilled staff

Energy
costs

Access to digital
infrastructure

Labour market
regulations

Business
regulations

Adequate
transport
infrastructure

Availability of
finance

Uncertainty
about the
future

Q. Thinking about your investment activities, to what extent is each of the following an obstacle? 

Is it a major obstacle, a minor obstacle or not an obstacle at all?

Base: All firms (data not shown for those that said not an obstacle at all/don’t know/refused)

LONG-TERM BARRIERS BY SECTOR AND SIZE 

Demand for 
products/ 
services

DE

54%

Manufacturing

58%

Availability of 
skilled staff

Energy 
costs

Digital 
infrastructure 

Labour 
regulations

Business 
regulations

Transport 
infrastructure

Availability 
of finance

Uncertainty 
about the future

92%

91%

89%

52%

67%

69%

51%

42%

91%

51%

72%

73%

50%

46%

77%

85%

Construction

43%

93%

83%

44%

64%

70%

46%

40%

63%

Services

57%

94%

93%

56%

69%

65%

55%

41%

Infrastructure

47%

90%

81%

52%

57%

65%

52%

36%

SME

52%

Large

56%

92%

92%

86%

55%

65%

74%

47%

43%

91%

49%

69%

64%

54%

41%

68%

76%

77%

78%

Share of firms

Reported shares combine ‘minor’ and ‘major’ obstacles 
into one category

Q. Thinking about your investment activities, to what extent is each of the following an obstacle? 

Is it a major obstacle, a minor obstacle or not an obstacle at all?

Base: All firms (data not shown for those that said not an obstacle at all/don’t know/refused)

20

 
 
EIB Investment Survey 2023
Country overview: Germany

Access to finance

SOURCE OF INVESTMENT FINANCE

•

•

•

For firms in Germany, internal sources accounted for the 
largest share of investment finance (70%). This is followed 
by external finance (23%) with the remainder (7%) coming 
from intra-group financing. All proportions are similar to 
EIBIS 2022 and this pattern of finance is very similar to that 
for firms across the EU. 

In all sectors at least 66% of investment finance came from  
internal sources.  It rises to 82% for construction firms 
where there was very little intra-group finance (1%).

SMEs financed a slightly higher proportion of their 
investment from internal sources (74%) than large firms 
(66%). Compared to SMEs (4%), large firms financed a 
higher proportion through intra-group funding (10%).

e
r
a
h
s

e
c
n
a
n
i
f

e
g
a
r
e
v
A

100%

80%

60%

40%

20%

0%

External

Internal

Intra-group

3
2
0
2
U
E

2
2
0
2

E
D

3
2
0
2

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. What proportion of your investment was financed by each of the following?

Base: All firms that invested in the last financial year (excluding don’t know/

refused responses)

USE OF EXTERNAL FINANCE

2023

2022

100%

80%

60%

40%

20%

0%

s

m

r
i
f

f
o
e
r
a
h
S

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. Approximately what proportion of your investment in the last financial year was financed 

by each of the following

Base: All firms that invested in the last financial year (excluding don’t know/

refused responses)

• Approximately four in ten German firms (39%) that 

invested in the last financial year, funded some of this 
investment through external sources. This similar to the 
current EU average (43%) but lower than EIBIS 2022 (46%).

• With the exception of services (up from 42% to 44%), in 
every sector the proportion of firms that used external 
finance is lower than in EIBIS 2022. In relative terms, the 
biggest decline is for manufacturers. Construction firms 
(33%) were the least likely to have secured investment 
finance from external sources.

•

The proportion of SMEs that obtained investment finance 
from external sources has dropped from 47% to 36%. In 
contrast, the figure for large firms remains almost 
unchanged (45% versus 42%).

21

 
 
 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

Access to finance

SHARE OF FIRMS WITH FINANCE FROM GRANTS

• Almost two in ten firms using external finance in Germany 
received grants (18%), similar to the EU average (16%).

• Over a third of infrastructure firms (36%) received grants. 

This is much higher than other sectors where the 
proportion ranges from 11% to 14%. 

s

m

r
i
f

f
o
e
r
a
h
S

100%

80%

60%

40%

20%

0%

U
E

E
D

g
n
i
r
u
t
c
a
f
u
n
a
M

s
e
c
i
v
r
e
S

n
o
i
t
c
u
r
t
s
n
o
C

e
r
u
t
c
u
r
t
s
a
r
f
n

I

E
M
S

e
g
r
a
L

Q. What proportion of your total investment in the last financial year was financed by grants?

Base: All firms using external finance (excluding don't know/refused responses)

DISSATISFACTION WITH EXTERNAL FINANCE RECEIVED (% of firms)

• One in ten firms in Germany (10%) are dissatisfied with the 
the cost of external finance, while 7% are unhappy with 
collateral requirements. There is relatively little 
dissatisfaction with the amount made available (3%), the 
maturity terms (3%) or type (2%) of external finance.

•

Levels of dissatisfaction in Germany are similar to the EU 
average, although German firms are a little less unhappy 
with the cost of external finance (10% versus 14%). 

EU

DE

Amount

Types

3%

3%

2%

2%

3%

6%

7%

3%

10%

Cost

14%

Collateral

Maturity

Q. How satisfied or dissatisfied are you with …?

Base: All firms that used external finance in the last financial year (excluding don’t 
know/refused responses) 

22

 
 
EIB Investment Survey 2023
Country overview: Germany

Access to finance

SHARE OF FINANCE-CONSTRAINED FIRMS

•

•

•

The share of financially constrained firms in Germany 
(5.5%) is similar to EIBIS 2022 (5.3%) and the current EU 
average (6.1%).

The main constraint reported by firms in Germany is 
rejection (4.0%), followed by an insufficient amount of 
finance being received (1.1%).

The German manufacturing (6.8%) and infrastructure 
sectors (6.3%) have the biggest proportion of finance-
constrained firms. It also appears to be higher among 
SMEs than large firms (6.2% versus 4.9%).

Finance-constrained firms include: those dissatisfied with the amount of finance obtained 
(received less), firms that sought external finance but did not receive it (rejected) and those 
that did not seek external finance because they thought borrowing costs would be too high 
(too expensive) or they would be turned down (discouraged)

Base: All firms (excluding don’t know/refused responses)

FINANCING CONSTRAINTS OVER TIME

2016 2017 2018 2019 2020 2021 2022 2023

6.07%

6.78%

5.02%

4.89%

5.57%

4.70%

6.24%

6.13%

4.19%

3.99%

2.80%

2.72%

5.72%

2.26%

5.32%

5.52%

Base: All firms (excluding don’t know/refused responses)

23

Rejected

Received less

Too expensive

Discouraged

EU 2023

DE 2022

DE 2023

Manufacturing

Construction

Services

Infrastructure

SME

Large

0% 1% 2% 3% 4% 5% 6% 7% 8%

Share of firms that are finance-constrained

•

•

The proportion of German firms that are finance 
constrained is almost the same as in EIBIS 2022 (5.5% 
versus 5.3%). However, with the exception of EIBIS 2020 
(5.7%) this is the highest level the survey has recorded in 
Germany.

In EIBIS 2021 the proportion of finance constrained firms 
in Germany was half the EU average. It is now much closer 
(5.5% versus 6.1%). 

EIB Investment Survey 2023
Country overview: Germany

Access to finance

FINANCING CROSS

e
h
t
d
e
e
n
t
o
n

i

d
d
/
s
d
n
u
f

l

a
n
r
e
t
n

i

n
o
y
l
e
r
o
t
y
p
p
a
h
s

m

r
i
F

e
c
n
a
n
i
f

35%

30%

25%

20%

15%

10%

0%

Construction

Services

SME

DE 2023

DE 2022

Infrastructure

DE 2021

EU 2023

Large

Manufacturing

5%

10%

15%

Share of firms that are external finance-constrained

Data derived from the financial constraint indicator and firms indicating main reason for not 
applying for external finance was ‘happy to use internal finance/didn’t need finance’

Base: All firms (excluding don’t know / refused)

• While 5.5% of German firms can be considered finance constrained in EIBIS 2023, almost a quarter (24%) report to be happy to 

rely on internal finance (or did not actually need any external finance). Both figures are very close to those recorded in EIBIS 2022 
(5.3% and 24%, respectively). They also align with the latest figures for the EU as a whole (6.1% and 25%, respectively). 

•

In Germany, manufacturing and infrastructure firms are the most likely to be financially constrained, while manufacturers (19%) 
are also the least likely to be happy about relying on internal finance. Approximately three in ten construction (29%) and services 
firms (30%) are happy to rely on internal finance (or did not require any). 

• More SMEs than large firms can be considered financially constrained (6.2% versus 4.9%) but they are also more content to rely on 

internal finance (28% versus 20%). 

24

 
 
 
 
 
 
 
 
 
 
EIB Investment Survey 2023
Country overview: Germany

EIBIS 2023 – Country technical details

SAMPLING TOLERANCES APPLICABLE TO PERCENTAGES AT OR NEAR THESE LEVELS 

The final data are based on a sample, rather than the entire population of firms in Germany, so the percentage results are subject 
to sampling tolerances. These vary with the size of the sample and the percentage figure concerned. 

EU 

US

DE Manufacturing

Construction

Services

Infrastructure

SME

Large EU vs DE

Manuf vs 
Constr

SME vs 
Large

(12030)

(802)

(601)

(170)

(133)

(139)

(148)

(505)

(96)

(12030 vs 
601)

(170 vs 
133)

(505 vs 96)

1.1%

3.9% 3.0%

5.1%

5.7%

5.9%

5.6%

2.6%

5.2%

3.2%

7.6%

5.8%

1.8%

6.0% 4.6%

7.7%

8.8%

9.0%

8.6%

3.9%

7.9%

4.9%

11.7%

8.8%

10% or 
90%

30% or 
70%

50%

1.9%

6.5% 5.0%

8.4%

9.6%

9.8%

9.4%

4.3%

8.6%

5.4%

12.7%

9.6%

GLOSSARY

Investment

A firm is considered to have invested if it spent more than EUR 500 per employee on investment
activities with the intention of maintaining or increasing the company’s future earnings.

Investment cycle

Based on the expected investment in current financial year compared to last one, and the
proportion of firms with a share of investment greater than EUR 500 per employee.

Manufacturing sector

Based on the NACE classification of economic activities: firms in group C (Manufacturing).

Construction sector

Based on the NACE classification of economic activities: firms in group F (Construction).

Services sector

Based on the NACE classification of economic activities: firms in group G (wholesale and retail
trade) and group I (accommodation and food Services activities).

Infrastructure sector

Based on the NACE classification of economic activities: firms in groups D and E (utilities), group H
(transportation and storage) and group J (information and communication).

SME

Large firms

Firms with between 5 and 249 employees.

Firms with at least 250 employees.

Note: the EIBIS 2023 country overview refers interchangeably to ‘the past/last financial year’ or to ‘2022’. Both refer to results 
collected in EIBIS 2023, where the question is referring to the past financial year, with the majority of the financial year in 2022 
in case the financial year is not overlapping with the calendar year 2022.

25

EIB Investment Survey 2023
Country overview: Germany

EIBIS 2023 – Country technical details

The country overview presents selected findings based on telephone interviews with 601 firms in Germany (carried out between 
April and July 2023).

BASE SIZES  (*Charts with more than one base; due to limited space, only the lowest base is shown)

Base definition and page reference

2
2
0
2
/
3
2
0
2
U
E

All firms, p. 5 (bottom left), p. 8 (top), p. 8 (bottom), p. 16 (top)

12030/12021

All firms (excluding don’t know/refused responses), p. 5 (bottom right)

11624/11682

All firms who have invested in the last financial year (excluding don’t 
know/refused responses), p. 6 (top)
All firms who have invested in the last financial year (excluding don’t 
know/refused responses), p. 6 (bottom)

10147/9704

9948/9501

All firms (excluding ‘Company didn’t exist three years ago’ responses), p. 7 (top)

12015/12005

All firms (excluding don't know/refused responses), p. 7 (bottom)

11880/11814

All firms (excluding don’t know/refused responses), p. 9 (top)

All firms (data not shown for those that said not an obstacle at all/don’t 
know/refused), p. 9 (bottom)

All firms (excluding don't know/refused responses), p. 10 (top)

All firms (excluding don't know/refused responses), p. 10 (bottom)

11812/NA

12030/NA

11739/NA

11739/NA

All firms (excluding don't know/refused responses) p. 11 (top)

11978/11975

All firms (excluding don’t know/refused/not applicable responses), p. 11 
(bottom)

All firms (excluding Don't know/refused responses), p. 12 (top left) 

6692/NA

11918/NA

All firms that import (excluding don’t know/refused responses), p. 12 (top right) 

6151/NA

All firms (excluding don’t know/refused responses), p. 12 (bottom)

10139/NA

All firms (excluding Don't know / refused responses) p. 13 (top)

All firms (excluding Don't know / refused responses), p. 13 (bottom)

All firms (excluding don't know/refused responses), p. 14 (top)

All firms (excluding don’t know/refused responses), p. 14 (bottom)

All firms (excluding don't know/refused responses), p. 15 (top)

11930/11911

11944/11909

11433/11172

11956/11964

11549/NA

All firms (excluding don’t know/refused responses), p. 15 (bottom)

11836/11712

All firms that have invested in the last financial year (excluding don’t 
know/refused responses), p. 16 (bottom)

All firms (excluding don’t know/refused responses), p. 17

All firms (excluding don’t know/refused responses), p. 18

All firms (excluding don't know/refused responses), p. 19 (top)

All firms (excluding don't know/refused responses), p. 19 (bottom)

All firms (data not shown for those who said not an obstacle at all/don’t 
know/refused), p. 20 (top)
All firms (data not shown for those who said not an obstacle at all/don’t 
know/refused), p. 20 (bottom)
All firms who invested in the last financial year (excluding don’t know/refused 
responses), p. 21 (top)
All firms who invested in the last financial year (excluding don’t know/refused 
responses), p. 21 (bottom)
All firms using external finance (excluding don't know/refused responses), p. 22 
(top)
All firms that used external finance in the last financial year (excluding don’t 
know/refused responses), p. 22 (bottom)

All firms (excluding don’t know/refused responses), p. 23 (top)

All firms (excluding don’t know/refused responses), p. 23 (bottom)

All firms (excluding don’t know/refused responses), p. 24

10210/9752

11721/11685

11738/11735

12009/11980

11916/11844

12030/12021

12030/12021

10517/10051

10517/10051

4269/4107

4184/3988

11544/11504

11544/11504

11544/11473

3
2
0
2
S
U

802

776

692

704

802

794

782

802

786

786

800

284

797

240

717

797

789

771

800

766

791

707

770

780

801

800

802

802

697

697

265

264

729

729

729

2
2
0
2
/
3
2
0
2

y
n
a
m
r
e
G

601/600

582/572

497/467

496/501

599/598

592/576

584/NA

601/NA

596/NA

596/NA

597/594

240/NA

598/NA

213/NA

528/NA

597/593

599/594

582/565

596/595

592/NA

590/584

492/479

589/584

581/573

601/599

599/593

601/600

601/600

509/493

509/493

180/214

176/212

569/545

569/545

569/544

g
n
i
r
u
t
c
a
f
u
n
a
M

170

162

138

139

170

169

169

170

168

168

168

113

169

100

161

167

169

160

167

167

168

142

167

165

170

169

170

170

141

141

48

47

159

159

159

n
o
i
t
c
u
r
t
s
n
o
C

133

133

113

114

133

130

130

133

131

131

133

20

s
e
c
i
v
r
e
S

139

132

113

111

138

136

133

139

137

137

137

61

e
r
u
t
c
u
r
t
s
a
r
f
n

I

148

144

124

123

147

146

142

148

146

146

148

42

132

138

148

20

112

133

133

129

132

131

132

107

131

128

133

133

133

133

116

116

40

38

130

130

130

58

122

139

138

135

138

135

133

112

134

135

139

139

139

139

116

116

43

43

129

129

129

32

124

147

148

147

148

148

146

123

146

142

148

147

148

148

127

127

47

46

140

140

140

e
g
r
a
L

96

88

81

79

96

96

94

96

94

94

95

55

95

49

88

96

95

96

95

94

93

80

95

92

96

95

96

96

83

83

35

35

86

86

86

E
M
S

505

494

416

417

503

496

490

505

500

500

502

185

503

164

440

501

504

486

501

498

497

412

494

489

505

504

505

505

426

426

145

141

483

483

483

26

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