An Overview of the Economy
Following a long period of limited growth and high unemployment
at the turn of the century, reforms introduced by the Schroeder
Government have boosted the economy and have upgraded the country
in the aftermath of communism. Unemployment has now fallen to
around 8%. Germany's budget deficit is currently sitting well below
the EU's 3% debt limit.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
2,809 |
| GDP (PPP) (CIA) (US$Billions) |
2,810 |
| GDP Growth (IMF) (%) |
2.5% |
| GDP Growth (CIA) (%) |
2.5% |
| GDP Per Capita (PPP) (IMF) (US$) |
34,181 |
| GDP Per Capita (PPP) (CIA) (US$) |
34,200 |
| GDP Per Sector (%) |
Agriculture: 0.8%
Services: 29%
Industry: 70.1% |
| Inflation (%) |
2.3% |
| Population Below the Poverty Line (%) |
11% |
| Labour Force (Millions) |
43.5 |
| Labour Force by Occupation (%) |
Agriculture: 2.8%
Services: 63.8%
Industry: 33.4% |
| Unemployment (%) |
8.4% |
| Main Industries |
Among the world's largest and most
technologically advanced producers
of iron, steel, coal, cement, chemicals,
machinery, vehicles, machine tools,
electronics, food and beverages,
shipbuilding, textiles. |
Sources: CIA World Factbook, IMF
GDP
| economy indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
2,446 |
2,749 |
2,796 |
2,915 |
3,322 |
| GDP Growth (%) |
-0.4% |
-0.1% |
1.7% |
0.9% |
2.5% |
| GDP Per Capita (US$) |
29,647 |
33,323 |
33,919 |
35,433 |
40,415 |
| GDP Per Capita (PPP) (US$) |
28,128 |
29,284 |
30,505 |
32,432 |
34,200 |
| Inflation (%) |
1.0% |
1.8% |
1.9% |
1.8% |
2.3% |
| Unemployment (%) |
9.8% |
10.5% |
10.6% |
11.7% |
11.0% |
Foreign-Exchange
& Gold Reserves (US$Billions) |
96.8 |
96.8 |
101.7 |
48.8 |
111.6 |
| Mobile Phone Users |
55,300,000 |
64,800,000 |
64,800,000 |
79,200,000 |
84,300,000 |
| Internet Users |
32,100,000 |
39,000,000 |
39,000,000 |
50,616,000 |
38,600,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
With exports accounting for more than a third of German output,
the economy clearly relies heavily on trade to support economic
growth. Trade is mostly within Europe, with the exceptions of the
US and China as trading partners.
major exports 2007
Machinery, vehicles, chemicals, metals and manufactures,
foodstuffs, textiles.
major imports 2007
Machinery, vehicles, chemicals, foodstuffs, textiles,
metals.
| export partners |
% of total |
| France |
9.6% |
| US |
8.6% |
| UK |
7.3% |
| Italy |
6.0% |
| Netherlands |
5.7% |
| Austria |
5.7% |
| Belgium |
4.7% |
| Spain |
4.3% |
| import partners |
% of total |
| Netherlands |
11.9% |
| France |
8.6% |
| Belgium |
7.3% |
| China |
6.0% |
| UK |
5.7% |
| Italy |
5.7 |
| US |
4.7% |
| Austria |
4.3% |
Source: CIA World Factbook
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