German companies anticipate being hit by higher energy prices with the standoff of Russia and the West and the continuation of the war on Ukraine.
A survey of 200 companies, conducted by the German Economic Institute (IW) during the first week of the war, found that 62 percent of companies expect "rather large or very large burdens" as a result of increased energy prices.
In the industrial segment, including chemicals and pharmaceutical sector, 70 percent of participants expected large impact from higher energy costs, IW said March 9.
Almost every third company surveyed expects problems as a result of "missing gas supplies."
Many companies use gas as an energy source, but within the industry, for example in large chemical and pharmaceutical companies, it is also used as raw materials.