Business and Technology in Germany
Germany lies at the centre of Europe and offers excellent access not just to a prosperous domestic market of 82 million inhabitants, but also to the Common Market of the European Union with its 27 Member States and 500 Million people. Germany is Europe’s powerhouse, and globally it is the fourth largest economy. Gross National Prduct (GDP) in 2010 stood at 2,476 Billion Euro (30,350 Euro GDP per capita).
Germany is a fully developed, service centred economy; 71 percent of economic activity happen in the services sector. At the sime time, production and industry continue to be of prime importance and form the basis for Germany’s excellent reputation as an outstanding export nation: Anually, Germany exports products valuing approximately 1 trillion Euro, among them in particular technologically advanced items such as vehicles and parts, machinery and chemical products.
More than 10,000 foreign companies operate in Germany, with more than 2 million employees and an annual turnover of more than 750 billion Euros. Foreign investors and entrepreneurs see Germany as a prime location in terms of infrastructure, logistics, research and development as well as design. Especially when it comes to the the framework and the conditions for R&D, Germany scores high marks, which underscores the country’s high competitiveness with regards to future technologies.
The Federal Government in its latest estimates expects real GDP-growth to be at 2.9 percent in 2011, slowing to 1 percent in 2012, relying largely on growing domestic consumption. The unemployment rate is around 7 percent this year, and inflation in check at 2%.