The prospects for an economic rebound by the end of the year have not yet reached the mid‑size sector. According to data released by the software firm Datev and reported by the FAZ, small and medium‑sized enterprises (SMEs) recorded a 1.6 % drop in turnover in November compared with the same month a year earlier. The SME turnover index is as low as it was last time in June. Over the past year SME turnover has essentially stalled, with a slight downward tendency.
The sharp decline in December casts doubt on the idea that Germany is about to experience a positive turning point. Earlier, a surge in industrial orders and rising manufacturing output had lent some credence to that speculation. Now the Datev SME indicator suggests the outlook is far from rosy. The indicator draws directly on anonymised turnover data from SMEs, making it a first hard‑data assessment of the economic situation at year‑end.
All sectors except construction reported falling sales, and retail did not benefit from the usual Christmas rush. Robert Mayr, managing director of the Datev cooperative, described 2025 as “a lost year for the mid‑size sector”. Smallest firms in particular felt the ongoing reluctance to spend, rising costs, and the broader structural shift.
The weak conditions for SMEs are mirrored in employment trends. In the seasonally adjusted employment sub‑index, the figure fell 0.4 % from the previous month. Job losses were most pronounced in manufacturing and hospitality. The wage‑development indicator shows continuing cost pressure: monthly wages and salaries for SMEs rose 3.8 % year over year, exceeding inflation.