Economic Outlook of Germany
Germany is enlisted as the world's fourth and fifth largest economy globally by nominal GDP and GDP PPP (Purchasing Power Parity) and a leading exporter of machinery, vehicles, chemicals, and household equipment. Also, the economic Growth Rate in Germany averaged 0.50 percent from 1970 until 2019. The top ten exports of Germany are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics. Hence, the economy of Germany is the largest manufacturing economy in Europe and it is less likely to be affected by the financial drop. In addition, the service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. The unemployment rate of Germany should remain stable in the upcoming years (3.3% in 2020 and 3.4% in 2021, according to the IMF). It is also interesting to note that Germany is the first major industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the prime producer of wind turbines in the world. Renewables produced 46% of the electricity consumed in Germany (as of 2019). Of the world's 2000 largest publicly listed companies measured by revenue, the Fortune Global 2000, 53 are headquartered in Germany, with the Top 10 being Allianz, Daimler, Volkswagen, Siemens, BMW, Deutsche Telekom, Bayer, BASF, Munich Re and SAP.