Business News Asia
A survey by the Association of German Chambers of Industry and Commerce (DIHK) revealed on Sunday that many industrial companies in Germany are cutting back on production in response to rising energy prices.
A survey of 3,500 companies in Europe’s largest economy found that 16% cut production or suspended part of their operations.
Russia’s invasion of Ukraine in February had a devastating impact on governments and businesses across Europe as energy costs skyrocketed and sudden gas shortages were feared during the cold months of high demand.
Germany relies largely on Russian gas to fuel its export-oriented economy and keep its homes warm. But the country is preparing for a complete cutoff of Russian supplies.
Russian gas flows through the Nord Stream 1 pipeline have slowed since last year, and Berlin has moved to phase two of three contingency supply plans.