Facts about Germany 2015 2015 - Page 64

62 | 63 BUSINESS & INNOVATION TOPIC GLOBAL PLAYER Germany is an industrialised nation with transaction. Almost one job in four is de- strong international links and a pronounced pendent on exports; in industry it is even export focus. In the annual World Trade Or- one in two. Around 800,000 companies en- ganization (WTO) rankings, Germany regu- gage in foreign trade. In 2014, 685,000 corpor- larly places among the three largest exporters ations imported goods from other countries, behind China and the USA. In 2014, the for- while approximately 340,000 were busy as eign trade balance closed with a surplus of exporters. Some 10,700 firms domiciled 190 billion euros, a new record. Exports by outside Germany played a significant role in German companies (goods and services) in- German foreign trade; the Association of creased to 1,326 billion euros, with the value German Chambers of Commerce and In- of imports totalling 1,136 billion euros. With dustry (DIHK) estimates that more than the global economy if anything posting low 7 million employees work for German com- overall growth in 2013-4, the German eco- panies abroad. nomy performed well. Compared with other countries, Germany is benefitting most from In terms of exports, the emphasis is on globalisation. The McKinsey Global Institute motor vehicles and automotive compo- “Country Connectedness Index 2014“ lists nents, machines, chemical products, and IT Germany as the best-networked country appliances and electronic products. These worldwide – ahead of the USA and Singapore. four product groups account for a good half of German exports. Overall, the export ratio Every second euro earned in Germany is has since 1991 almost doubled, rising from generated through an international business 25.7 percent to 50.6 percent. In 2013 the Economic leadership German companies have an excellent international reputation. They stand for “Made in Germany”, a quality seal held in high esteem worldwide. The world’s fourth-largest economic power, Germany has a pronounced export focus. Gross domestic product (GDP) 2014 (in US$ billion) 17,418.9 10,380.4 4,616.3 3,859.6 2,945.2 USA China Japan Germany United Kingdom Source: German Federal Statistical Office DIAGRAM