Germany has a social market economy with a VERY highly-skilled labour force, a large capital stock, a very low-level of corruption, and a high level of innovation. It is the world third-largest exporter of goods and has the largest national economy in Europe which is also the world’s fourth largest by nominal GDP and the fifth one by PPP. The service sector contributes approximately 71% of the total GDP (including information technology), industry 28%, and agriculture 1%. The unemployment rate published by Eurostat amounts to 4.7% in January 2015, which is the lowest rate of all 28 EU member states. With 7.1% Germany also has the lowest youth unemployment rate of all EU member states. According to the OECD Germany has one of the highest labour productivity levels in the world.
Germany is part of the European single market which represents more than 508 million consumers. Germany introduced the common European currency, the Euro in 2002. It is a member of the Eurozone which represents around 338 million citizens. Its monetary policy is set by the European Central Bank, which is headquartered in Frankfurt, the financial centre of continental Europe.
Being home to the modern car, the automotive industry in Germany is regarded as one of the most competitive and innovative in the world and is the fourth largest by production. The top 10 exports of Germany are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics Germany is the world’s third-largest arms exporter.
German Fund – Companies, Entrepreneurs and Business in Germany
Of the world’s 1000 largest stock-market-listed companies measured by revenue in 2014, the Fortune Global 500, 28 are headquartered in Germany. 30 Germany-based companies are included in the DAX, the German stock market index. Well-known international brands include Mercedes-Benz, BMW, SAP, Volkswagen, Audi, Siemens, Allianz, Adidas, Porsche, Deutsche Bahn, Deutsche Bank and Bosch.
Germany is recognised for its large portion of specialised small and medium enterprises, known as the Mittelstand model. Around 1,000 of these companies are global market leaders in their segment and are labelled hidden champions. Berlin developed a thriving, cosmopolitan hub for startup companies and became a leading location for venture capital funded firms in the European Union.