Germany held its position as the most productive and competitive economy in Europe for the fourth consecutive year. Only China received a stronger international competitiveness rating. This is the result of a survey of 1,100 business leaders in Europe.

The Handelsblatt Business Monitor, which was conducted on behalf of the business daily Handelsblatt and the consulting firm Droege & Comp., evaluates a total of nine international economic areas. Germany came away with top marks. Reasons for Germany’s strong performance include the strong Mittelstand – Germany’s small and medium enterprises – along with successful streamlining of businesses, moderate overall wage growth and below average price increase rates.

While even German business leaders have expressed critical sentiments about Germany’s business environment in recent years, the significant improvement in this year’s survey stands out. The evaluation by German executives now falls within the average of all executives. In the survey, Germany’s economic competitiveness was rated on a scale from one (excellent) to five (poor), with an overall average of 2.5. Only China received higher marks, coming in at 2.1. Following Germany, Switzerland received an average rating of 2.6 and Italy came in last with a rating of 3.4.

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