German multinationals present in Spain are inclined to increase their investments and employment in the next 12 months, despite growing concerns about the effects of the conflict in the Middle East on energy costs and supply chains. According to the AHK Spain Spring Barometer, conducted by the German Chamber of Commerce for Spain between March 16 and April 10 and presented this Thursday, investment expectations remain at high levels. 35% of companies plan to increase investment in Spain, 45.9% will maintain it, 13.5% will reduce it, and 5.5% do not foresee any investment. These figures, which show a positive net balance of 21 points, have even improved compared to the autumn 2025 barometer.
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Regarding staffing, 40.5% of German companies in Spain foresee growth in the next 12 months, compared to the same percentage that expects no changes and 19% that anticipate a reduction. These figures are similar to those of the previous barometer, also with a positive net balance of 21%, indicating that the geopolitical situation has not altered the plans of German companies present in Spain, a list that includes Volkswagen, Mercedes, Bayer, Siemens, Merck, or Braun.
Where changes are noticeable is in the listing of the main risks for the next 12 months, a shift that responds to the open war by the US and Israel against Iran and that has impacted the price of oil. Concern about energy prices has skyrocketed from 11% to 54% of companies; raw material prices are cited by 50%, up from 16% last autumn, and 46% mention supply chain disruptions, compared to 14% six months ago.
Asked about the impact of the Middle East conflict on their businesses, 77% of companies report an increase in input costs, which includes raw materials and intermediate products, and 45.9% report supply chain disruptions. Regarding the US tariff policy, 70% indicate it causes an increase in costs, including tariffs, logistics, and regulatory compliance requirements. Expectations for the Spanish economy, in a context of GDP slowdown and great uncertainty, have worsened: only 10.8% expect improvement, 58% expect it to remain stable, and 31% predict it will worsen.
