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BUSINESS & INNOVATION
BUSINESS &
INNOVATION
A Strong Hub ∙ Global Player ∙
Lead Markets and Innovative Products ∙ Sustainable Economy ∙
Digital Agenda ∙ Attractive Labour Market
INSIGHT
A STRONG HUB
Germany is the largest economy in the Euro-
highest employment rates in the EU and is
pean Union (EU) and the fourth largest in the
the country with the lowest youth unem-
world after the USA, China, and Japan. The
ployment percentage. This underscores the
German economy has its great innovative-
value of dual vocational training, which has
ness and strong focus on exports to thank for
become an export commodity in its own
its competitiveness and global networking.
right and is being adapted by many coun-
In high-selling sectors, such as car-making,
tries. Factors such as the availability of skilled
mechanical and plant engineering, the
labour, infrastructure and legal certainty are
chemicals industry and medical technology,
further characteristics of Germany, which is
exports account for far more than half of to-
very high on the list in many international
tal sales. In 2014, only China and the USA ex-
rankings. Federal Deputy Chancellor Sigmar
ported more goods. Germany invests around
Gabriel (SPD) is likewise Federal Minister for
80 billion euros annually in research and de-
Economic Affairs and Energy.
velopment (R&D). Many companies are well
on the way to “Industry 4.0”, a project des-
Since 1949 the idea of a social market econ-
tined in particular to advance digitalisation
omy has formed the basis of German eco-
in production engineering and logistics.
nomic policy. The social market economy
guarantees free entrepreneurial activity
The positive economic momentum has led
while at the same time endeavouring to cre-
to a favourable trend on the labour market.
ate social checks and balances. Formulated in
Germany is one of the countries with the
the post-War years by Ludwig Erhard, who