The economy of Germany Germany is place to stay from it food, culture,
attractive locations and so much more.
Today we are looking at the economy of this country and getting to know the how this country
survive through its hard and smooth times.
The Germany economy is mixed and it allows a free market economy in consumer goods and
business services.
This economy is the largest European national economy and has been rank fourth as the largest
economy by nominal GDP in the world.
Germany is among the founder of the European union and the country’s economy is based
on social market economy.
It really amazing to tell you that country has the most skilled workforces in Europe
especially in its major industries which include; car manufacturer, machinery, household equipment
and chemicals.
She is also the third largest agricultural producer in Europe making it possible to cater
to 90% of nutritional needs.
The Germany economy ha GDP of $4.o trillion by PPP and nominal GDP of about $3.5 trillion.
The GDP had a very positive growth rate of 1.7% in 2015 GDP per capita based on PPP is
estimated at $48000 and $42000 by nominal GDP.
About 54.1% of the GDP is used in household consumption making it the largest GDP composition
by end users.
The labor force is composed of 45 million people and 73.8% are engaged in service industry,
24.6% employed by industries and 1.6% working in the agricultural sector.
Looking at the industries sector, especially the main ones you will see that Germany is
been dominated by manufacturing industries such as iron and steel, electric equipment,
coal, ships, machine tools, textiles, optics, plastic goods.
Till in the industry sector, the main goods for export brings revenue of about $1.5 trillion.
The primary export goods includes motor vehicles, vehicle parts, aircraft and spacecraft.
Germany exports her goods to US, France, UK, Switzerland, Belgium, Czech Republic, Poland
and plus she is the world’s second largest export market.
Germany spend close to $1.2 trillion on import and her top import include ; agricultural
products and foodstuffs, crude petroleum, refined petroleum, medical equipment’s and
some other things and it’s this business becomes more interested as you get to know
her import partners round the world.
Netherland is the leading import partner of Germany at 13,9% and other countries include
the ones he does export with them but now some additional countries like Sweden, turkey,
Spain and Russia join the import process.
Despite all this, her economy is not different other who face problem just that there is
not really that obvious.
She faces economic crisis as well like low population growth which eventually affect
the size of the labor force which make led to insufficient productivity as well increase
governments spending in the healthcare for aged and pension facilities.
And also another is this pandemic which is taking over the world and slowing the economic
progress of all.
But Germany a giant as he has always been, is doing something about it and according
to rumor she is improving in all her strength to keep moving at a good pace and so far
she has been doing well.