The German economy in a nutshell
Germany’s economy is the fifth largest in the world. The German share of world trade is ca 10.5%. International trade is a key part of the German economy: it contributes 33.7% to the country’s GDP and is the main driver of economic growth and employment. The trade with Asian nations is also becoming more intense. Last but not least, Germany is one of the world’s major exporting countries.
Growing and lucrative sectors
- The services sector is a fast-growing part of the German economy. About 28 million people are employed in this sector, which means that approximately 71% of the labour force is active in services.
- Germany has a crucial role in the European aviation industry.
- The German biotechnology sector is the third biggest in the world, in terms of turnover, market capitalization and the number of workers. Consequently, biotechnology is a key industry.
- The automotive industry is one of the main economic sectors of Germany: Germany’s high ranking in world trade largely relies on the innovating character of its automotive industry.
- In terms of turnover, the health care sector is one of country’s most important. The sector represents over 10% of the total GDP.
Exports: 661.6 billion euros
- Commodities: machinery, vehicles, chemicals, metals, general manufacturing, foodstuffs and textiles
- Main trading partners: France 10.2%, USA 8.8%, UK 8.2%, Italy 7.2%, the Netherlands 6.3%, Belgium 5.7%, Austria 5.4% and Spain 5%
Imports: 532 billion euros
- Commodities: machinery, vehicles, chemicals, foodstuffs, textiles and metals
- Main trading partners: France 9.2%, the Netherlands 8.7%, USA 6.5%, Italy 6.1%, UK 5.8%, Belgium 5.8%, China 5.3% and Austria 4.3%
Useful facts
GDP: 2,110 billion euros
Growth rate of GDP: 1.7%
Inflation rate: 1.6%
Labour force: 42.63 million
Unemployment rate: 10.6%
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