Transport, ICT, travel and tourism, insurance and finance, machinery, automobiles, electronics, pharmaceuticals, agriculture, chemicals, metals, electrical equipment and textiles are major industries of Germany. In 2017, Agriculture industry contributed 0.7% to GDP of Germany. Manufacturing had a share of 30.7% while services industry had a share of 68.6% of GDP in 2017.
In 2018, Services industry exports was valued at USD 343 billion for Germany. Electronics export accounted for USD 161 billion, machinery for USD 356 billion, vehicles for USD 313 billion, chemicals for USD 288 billion, metals for USD 113 billion, minerals for USD 42.7 billion, stone for USD 30.2 billion, textiles for USD 66.8 billion and agriculture for USD 127 billion in 2018.
Germany, officially The Federal Republic of Germany, is a federal parliamentary republic in western central Europe. Berlin is the capital and also is the largest city in Germany. The country has three levels of government in which the responsibilities, roles and power are distributed accordingly and they are federal, states, and local. Germany became the first country in Europe to establish a development ministry, in 1961.
Germany had estimated population of 82.92 million in the year 2020 which is expected to be 82.692 million by 2024, decreasing at a CAGR of 0.08%.
Germany’s real gross domestic product (GDP) was Euro 2988.81 billion in 2019 and due to COVID-19 outbreak it is estimated to shrink by 7.8% to be around Euro 2755.68 billion in 2020.
Germany’s unemployment rate was 3.158% of total labor force in 2019. Due to slowdown in global economic activity due to COVID-19 pandemic the unemployment is expected to increase by 18.73% and reach 3.886% in 2020. Unemployment is further estimated to decrease in 2021 by 12.57% and reach 3.452% of total labor force in Germany.
Germany's per capita GDP was estimated at USD 47,785.51 in 2019 whereas purchasing power parity (PPP) based per capita GDP was estimated to be at USD 53,853.61.
The output gap for Germany in 2019 was positive at 0.751% of the potential GDP.
In 2019, Germany government’s revenue was estimated at Euro 1575.48 billion whereas the expenditure was estimated at Euro 1535.70 billion. This is expected to result in Germany government’s net lending / borrowing positive at Euro 39.779 billion in 2019 indicating that enough financial resources were made available by the government to boost economic growth.
The current account balance for Germany has remained positive since 2014. It was estimated at USD 279.585 billion for the year 2019 and is expected to increase at a CAGR of 1.8% and reach USD 305.67 billion by 2024. This positive current account balance indicates that Germany will remain net lender to rest of the world till 2024.
In World Bank’s ease of doing business ranking Germany was ranked 22 out of 190 countries in 2019. Germany’s ease of doing business ranking improved from 24th position in 2018.
*If Applicable.