Quarter of German firms plan to cut jobs amid energy crisis

According to a survey of 1,080 German firms by the Munich-based Stiftung Familienunternehmen, around 25% of German companies plan to axe jobs as a cost-saving measure.

Furthermore, 90% of the mostly small or medium-sized companies surveyed either plan to raise prices or already have.

As an additional measure, 13% of companies are considering production stops.

About 9% of companies are seriously considering moving their production abroad, per the survey.

Many firms have also advocated increasing the use of nuclear power, which Germany is phasing out.

The survey found both manufacturing and services in Germany are seeing accelerated rates of shrinkage, which could prompt companies to forgo jobs.

The S&P Global Market Intelligence report earlier showed German businesses were "deeply pessimistic" about the year ahead as a eurozone-wide recession "is looking increasingly inevitable."