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The Economy of Germany

Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world. Since the age of industrialization, the country has been a driver, innovator, and beneficiary of an ever more globalised economy. Germany is the world’s second largest exporter with $1.120 trillion exported in 2009 (Eurozone countries are included). Exports account for more than one-third of national output.

Germany is relatively poor in raw materials. Only lignite and potash salt are available in economically significant quantities. Power plans burning lignite are one of the main sources of electricity in Germany. Oil, natural gas and other resources are, for the most part, imported from other countries. Germany imports about two thirds of its energy.

The largest annual international trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, and Berlin.

Of the world’s 500 largest stock market listed companies measured by revenue, the Fortune Global 500, 37 are headquartered in Germany.

With unification on October 3, 1990, Germany began the major task of reconciling the economic systems of the two former republics. Its task was complicated by the dismantling of the extensive welfare system of the former German Democratic Republic, which resulted in a temporary but significant drop of the standard of living of its citizens; interventionist economic planning ensured a quick return of the standard of living and a gradual increase up to the level of that of western Germany.

Even after the German reunification in 1990, the standard of living and annual income remains significantly higher in the former West German states. The modernization and integration of the eastern German economy continues to be a long-term process scheduled to last until the year 2019, with annual transfers from west to east amounting to roughly $80 billion. The overall unemployment has consistently fallen since 2005 and reached a 15-year low in June 2008 with 7.5%. The percentage ranges from 6,2% in former West Germany to 12,7% in former East Germany.

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