German industry has lost nearly 500,000 jobs since 2019, Ifo says |
| Since 2019, German industry has lost approximately 496,000 jobs, a decline of 7.1%, according to the Ifo Institute. The automotive sector has been particularly affected, with 123,500 job cuts, while metal and machinery sectors have also seen significant reductions. In contrast, the service sector added over 2.2 million jobs, primarily in health and social services. Joachim Ragnitz, managing director at Ifo, said the development was indicative of an "accelerated structural shift" in Germany. "Ironically, the very sectors that have sustained our prosperity up to now are shrinking," he said. "The new jobs are for the most part not being created where Germany is especially productive and innovative. That may slow down our growth potential in the future." |
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