The number of people to be laid off in Germany is quite significant.

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Due to the weak outlook and structural problems in the German economy, German companies are increasingly planning factory closures and layoffs to reduce costs and maintain competitiveness.

100,000 PEOPLE TO BE UNEMPLOYED IN GERMANY

German companies listed in the Fortune 500 Europe have announced that they plan to lay off more than 100,000 employees this year, mostly from the country's manufacturing sector. Among the companies resorting to large-scale layoffs to combat rising costs and declining profitability due to the challenges faced in the economy post-COVID-19 are Bosch, Volkswagen, Thyssenkrupp, Deutsche Bahn, and Siemens.

As the backbone of Europe's largest economy, Germany is struggling to cope with severe macroeconomic headwinds caused by rising energy prices and a decline in external demand, a particular issue for the export-dependent German economy, as the country prepares for a second consecutive year of negative economic growth.

GERMAN INDUSTRY WEAKENS

The German economy remains fragile due to persistent weakness in the manufacturing sector, which plays a larger role compared to other countries in the region. The country's economy contracted by 0.3% in the second quarter but managed to grow by 0.2% in the third quarter, avoiding a technical recession. However, the manufacturing sector accounts for more than one-fifth of the German economy, and the export-dependent German manufacturing industry is adversely affected by the global economic slowdown, increasing competition from China, and high energy prices following the Russia-Ukraine War.

The Manufacturing Purchasing Managers' Index (PMI) in Germany has been in stagnation since the beginning of 2022. The manufacturing PMI in the country has remained below the 50-point level, which indicates growth in activities for a long time, while layoffs in factories are increasing due to uncertainty in the economy.

Rising interest rates against increasing inflation in the Eurozone following the Russia-Ukraine War are dampening German companies' desire to invest, while the ability of many countries, especially China and Turkey, to produce goods that they increasingly import from Germany makes it harder for German industry to recover from the downturn.

BOSCH TO LAY OFF 5,500 PEOPLE

Recently, Bosch, one of the major suppliers in the automotive sector, joined the ranks of companies making significant layoffs in Germany. The company decided to lay off 5,500 people globally in its automotive division. Bosch also announced that there would be short-time work at its production facilities.

MAJOR CUTBACKS AT SCHAEFFLER

German automotive and industrial supplier Schaeffler announced on November 5 that it would restructure due to weak demand from car manufacturers, laying off a total of 4,700 people in Europe, including 2,800 in Germany. Schaeffler also plans to close its factories in Austria and the UK.

VOLKSWAGEN TO SEPARATE FROM 35,000 PEOPLE

Volkswagen, Europe's largest car manufacturer, also announced on October 28 that it plans to close at least three factories in Germany and implement large-scale layoffs. Struggling with the largest cost and structural crisis in its history, Volkswagen reached an agreement with the union to lay off 35,000 people in Germany after difficult negotiations last night.

THYSSENKRUPP IS NO DIFFERENT FROM OTHERS

In a statement made on November 25, German steel producer and technology company ThyssenKrupp announced that it plans to lay off 5,000 people in its steel division by 2030. Additionally, the company stated that it plans to lay off another 6,000 people through the sale of commercial activities or outsourcing to external service providers. The German steel company also anticipates reducing its production capacity from 11.5 million tons to between 8.7 and 9 million tons. ThyssenKrupp Steel Europe has 27,000 employees.

DAIMLER FREEZES OPERATIONS

Truck manufacturer Daimler announced in August that it would freeze operations, particularly affecting its factories in Germany, and reduce employees' working hours. Siemens AG Chairman and CEO Roland Busch stated on November 14 that the company might lay off employees worldwide due to ongoing weakness in its automation business. Busch indicated that the employment contraction would be below or in the mid-four-digit range (5,000) but said that no exact number had been determined yet.