Working and Living in Germany
- 6 years ago
As a founding member of the Eurozone, Germany has a sturdy economy. It is the largest national economy amongst all the European nations. It stands 4th in nominal GDP rankings in the world with $3.5 trillion and grabs the 5th position in the highest GDP nations with $4.0 trillion. It is a social market type of economy.
Germany, as the largest manufacturing nation in Europe, specializes in the export of automotive, electronic products, machinery, pharmaceuticals, and food products.
Service sector dominates the economy with a massive 70% weight. The manufacturing sector comes next with 29.1% inputs and the agricultural sector remains the last with a mere 0.9% contribution.
An estimation of its foreign reserves is at $0.4 trillion. Its export partners include some of the strongest economies in the world such as the US, the UK, China, France, and more.
When it comes to natural and mineral resources, the country abounds in natural gas, timber, uranium, salt, nickel, potash, copper, etc.
It is the first major nation to engage in the utilization of renewable energy sources.
A gigantic 99% of industries of the country are small and middle-scale undertakings, most of which are owned and run by families.
Strongholds of the German Economy
Germany also hosts about two-thirds of all the important trade fairs of the world.
37 of the Fortune 500 have their headquarters situated in Germany. Some of the biggest automobile names such as Mercedes, Audi, Volkswagen, and BMW are also of a German origin and location.
The capital city, Berlin’s economy has developed as a magnet for start-ups. It has transformed itself into an ecosystem for emerging enterprises making a great local for leading European venture capital industries.
Germany ranks at number 3 amongst the largest exporters in the world. It recorded a $1.27 trillion worth of exports of goods and service in 2016.
Germany, as the largest manufacturing nation in Europe, specializes in the export of automotive, electronic products, machinery, pharmaceuticals, and food products.
Service sector dominates the economy with a massive 70% weight. The manufacturing sector comes next with 29.1% inputs and the agricultural sector remains the last with a mere 0.9% contribution.
An estimation of its foreign reserves is at $0.4 trillion. Its export partners include some of the strongest economies in the world such as the US, the UK, China, France, and more.
When it comes to natural and mineral resources, the country abounds in natural gas, timber, uranium, salt, nickel, potash, copper, etc.
It is the first major nation to engage in the utilization of renewable energy sources.
A gigantic 99% of industries of the country are small and middle-scale undertakings, most of which are owned and run by families.
Strongholds of the German Economy
Germany also hosts about two-thirds of all the important trade fairs of the world.
37 of the Fortune 500 have their headquarters situated in Germany. Some of the biggest automobile names such as Mercedes, Audi, Volkswagen, and BMW are also of a German origin and location.
The capital city, Berlin’s economy has developed as a magnet for start-ups. It has transformed itself into an ecosystem for emerging enterprises making a great local for leading European venture capital industries.
Germany ranks at number 3 amongst the largest exporters in the world. It recorded a $1.27 trillion worth of exports of goods and service in 2016.