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Germany Economic

In: Business and Management

Submitted By vubani01
Words 476
Pages 2
Economic Growth
Victor Ubani
Franklin University

Author Note
This assignment submitted on November 30, 2012 for Professor Wayne Brown ECON220-Q2FF Introduction to Macroeconomics.

Germany as a federation is a polycentric country and does not have a single economic center. Only 3 of Germany's 100 largest companies are headquartered in the capital Berlin. The stock exchange is located in Frankfurt Am Main, the largest Media Company Bertelsmann AG is headquartered in Gutersloh; the largest car manufacturers are in Wolfsburg, Stuttgart and Munchen. Germany has a social market economy characterized by a highly qualified labor force, a developed infrastructure, a large capital stock, a low level of corruption, and a high level of innovation. It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and ranked fifth by GDP (ppp) in 2009.The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%.
Industry and construction accounted for 29% of gross domestic product in 2008, and employed 29.7% of the workforce. Germany excels in the production of automobiles, machinery, electrical equipment and chemicals. With the manufacture of 5.2 million vehicles in 2009, Germany was the world’s fourth largest producer and largest exporter of automobiles. The Gross Domestic Product (GDP) in Germany expanded 0.20 percent in the third quarter of 2012 over the previous quarter. GDP Growth Rate in Germany is reported by the German Federal Statistical Office. Historically, from 1991 until 2012, Germany GDP Growth Rate averaged 0.3 Percent reaching an all-time high of 2.1 Percent in June of 2010 and a record low of -3.7 Percent in March of 2009.
Unemployment in Germany is expected to continue to decline by over 100,000 to some 2.8 million. This is due to new jobs and demographic change. Older individuals are...

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