BERLIN, (Reuters) – Germany’s Chambers of Industry and Commerce (DIHK), on Friday reduced its 2022 forecast for Europe’s most important economy to 3.0%. The decline in energy prices and shortages of raw material and the lack of skilled workers has caused the DIHK to lower its prediction of 3.6% growth by October.

Nearly 28,000 businesses across every sector responded to the survey. 64% of them saw rising prices for energy as a potential business risk. This is the highest DIHK poll ever conducted, and 58% was in their previous survey.

According to data, five out of 10 companies had negative and positive expectations. That’s down from seven long-term points.

DIHK found that around 10% expect supply shortages to stop by the middle of 2022. 22% don’t expect this to happen before 2023.

Martin Wansleben (Managing Director DIHK) stated that we will not achieve the level of economic output prior to the middle year. He also said that the expected increase in costs due to energy transition may dissuade some investors.

Germany has one of the highest current energy prices in the world. Wansleben also stated that the tax burden on companies is much higher than in all OECD countries.

DIHK found that only about a third (33%) of the companies plan to invest more money in 2022 and just over a fifth will invest less.

The economy is still waiting. Companies still have a cautious optimism. “But, there are many uncertainties and few know what the future holds,” said the director.