Germany has one of the most developed market economies in the world. It is the biggest and the most stable economy in Europe. Germany has 3rd position in world in terms of USD exchange rate and it is at the 5th position in world if purchasing power parity is taken into account. Germany’s currency is known as the Euro which is also used in most of the other European countries.
Germany Economy is vulnerable towards structural problems in the domestic sphere, economic shocks from outside also providing fuel to what formerly known as the communist East Germany. Germany has a very affluent and prosperous economy and spends a lot of money for the modernization of the eastern Germany and also to make its economy a stable one.
Statistics show that Germany has a Gross Domestic Product or GDP of more than $2.5 trillion and the growth rate of Gross Domestic Product is nearly 2.7 percent. The GDP amount can be divided into three main sectors in Germany. The Agricultural Sector provides 0.9 percent of the Gross Domestic Product, the industry provides just over 29 percent and the rest of 70 percent is provided by the service sector. It has also been observed that more than 10 percent of the people in Germany lives under the poverty limit set by the German Government.
It has also been seen that the per capita income is also increasing every year and a nearly 6 percent of per capita income has increased in this year compared to the previous year.
If the industries are taken into account then Germany has the worlds finest and also the best technology which they use to produce various industrial things. One can see industries like steel, coal, iron, cement, chemicals, machinery, and various other industries in Germany in big numbers.
The Germany financial sector is more of a bank oriented one than a share market oriented one. All the big purchases and major buying and selling are done through bank as the share market has not taken full hold over Germany.�
Tourism also lays a major role in bringing the GDP rate on the higher side. The tourism sector actually generates about 8 percent among the gross domestic product and it also provides jobs for nearly 3 million people in Germany.
Last Updated on : 25th June 2013