IHK survey: energy and raw material prices threaten upswing

Two out of three companies in Thuringia see the rapidly rising energy and raw material prices as a threat to economic growth. "The risk of high energy and raw material prices is therefore estimated to be higher than it has been in the past ten years," said IHK chief executive Cornelia Haase-Lerch on Wednesday. In the meantime, this aspect has also replaced the effects of the corona pandemic as the number one risk factor for economic development. Around 800 companies in northern, central and western Thuringia see the prices at the top of the list of risks for the economy, according to a recent survey by the Chamber of Commerce and Industry (IHK) Erfurt.

The concern is also not unfounded when looking at energy costs, according to Haase-Lerch. In a European comparison, Germany has particularly high electricity prices. “In the current situation in particular, it is important not to restrict the competitiveness of companies through high energy prices. The economic recovery tendencies could quickly be slowed down again “, warned the IHK managing director.

Dealing with the scarcity of raw materials for industry and construction remains controversial in the federal and state levels. The Thuringian Minister of Economic Affairs Wolfgang Tiefensee (SPD) recently advocated temporary export restrictions as a last resort to get the problem under control and to resolve bottlenecks in companies.