The German economy is the largest economy in Europe, the fourth-largest by nominal GDP in the world. The country impresses with that it not only deals with crisis with ease but in parallel creates new jobs and reduces its duties.
The foundations of this German economic model were laid in the 19th century when Bismarck introduced the pension and health insurance in Germany and thus laid the foundations of social legislation. Germany is one of the founding members of the EU and European zone.
In 2014, Germany marked the highest trade surplus in the world worth $285 billion and the country is the third largest exporter in the world with 1.13 trillion euros ($1.28 trillion) in goods and services exported in 2014. The sector of services contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports account for 41% of national output. The top 10 export products of Germany are vehicles, machineries, chemical goods, electronic products, electrical equipments, pharmaceuticals, transport equipments, basic metals, food products, and rubber and plastics.
Germany is a country rich in timber, iron ore, potash, salt, uranium, nickel, copper and natural gas. Energy in Germany is sourced mainly by fossil fuels (50%), followed by nuclear power second, then gas, wind, biomass (wood and biofuels), hydro and solar.
Germany is the first major industrialized nation which is commited to the renewable energy transition. Germany is the leading producer of wind turbines in the world. Renewables now produce over 27% of electricity consumed in Germany. 99 % of all
German companies are small and medium-sized enterprises, which are predominantly family-owned. Of the world’s 2000 largest companies which are publicly listed, measured by revenue, 53 are with headquarter in Germany, with the Top 10 being Volkswagen, Allianz, Daimler, BMW, Siemens, BASF, Munich Re, E.ON, Bayer, and RWE.
Germany is the world’s top place for trade fairs. Around two thirds of the world’s leading trade fairs take place in Germany. The biggest annual international trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, Cologne and Düsseldorf.