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Economy of Germany

Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). The country is a founding member of the European Union and the Euro zone. The economic model of Germany is based on the concept of the social market economy.

In 2014, Germany recorded the highest trade surplus in the world worth $285 billion, making it the biggest capital exporter globally. Germany is the third largest exporter in the world with 1.13 trillion euros ($1.28 trillion) in goods and services exported in 2014. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports account for 41% of national output. The top 10 exports of Germany are vehicles, machineries, chemical goods, electronic products, electrical equipments, pharmaceuticals, transport equipments, basic metals, food products, and rubber and plastics.

Germany is rich in timber, iron ore, potash, salt, uranium, nickel, copper and natural gas. Energy in Germany is sourced predominantly by fossil fuels (50%), followed by nuclear power second, then gas, wind, biomass (wood and biofuels), hydro and solar. Germany is the first major industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the leading producer of wind turbines in the world. Renewables now produce over 27% of electricity consumed in Germany.

99 percent of all German companies belong to the German "Mittelstand," small and medium-sized enterprises, which are mostly family-owned. 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 Volkswagen, Allianz, Daimler, BMW, Siemens, BASF, Munich Re, E. ON, Bayer, and RWE.

Sectors

Germany has a social market economy characterised by a highly qualified labour force, a developed infrastructure, a large capital stock, a low level of corruption, and a high level of innovation.

The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%.

Primary

In 2010 agriculture, forestry, and mining accounted for only 0.9% of Germany's gross domestic product (GDP).Agriculture is extremely productive, and Germany is able to cover 90% of its nutritional needs with domestic production. Germany is the third largest agricultural producer in the European Union after France and Italy.

Industry

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.

Services

In 2008 services constituted 69% of gross domestic product (GDP), and the sector employed 67.5% of the workforce. The subcomponents of services are financial, renting, and business activities (30.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%).

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Germany"

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