Germany - A Developed Country

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Domeniu: Economie
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Publicat de: Simi Iosif
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Profesor îndrumător / Prezentat Profesorului: Tescasiu Bianca

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A developed country is a country that has a high level of development according to some criteria. Which criteria, and which countries are classified as being developed, is a continue issue. According to the International Monetary Fund, advanced economies comprise 65.8% of global nominal GDP(Gross domestic product) and 52.1% of global GDP (PPP-Purchasing power parity) in 2010.

Federal Republic of Germany

Capital and the largest city: Berlin

Official language: German

Ethnic groups: 91.5% Germans; 2.4 Turks; 6.1 others

Accession UE: 25 th March 1957

Political system: Federal Republic, Parliamentary Republic

President: Christian Wulff

Chancellor: Angela Merkel

Surface: 357.021 km²

Population: 81.8 million inhabitants

Currency: Euro

Economy of Germany

Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (Purchasing power parity) in 2008.

Since the age of industrialisation, 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, €750 billion exported in 2009 (Eurozone countries are included).

Economy of Germany

Germany is relatively poor in raw materials. Only lignite and potash salt are available in economically significant quantities. Power plants 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 service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Most of the country's products are in engineering, especially in automobiles, machinery, metals, and chemical goods.

Germany is the leading producer of wind turbines and solar power technology in the world. 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. In 2010 the ten largest were Volkswagen, Allianz, Daimler, Siemens, Metro, Deutsche Telekom, Munich Re and BMW. Other large German companies include: Robert Bosch, ThyssenKrupp, and MAN (diversified industrials); Bayer and Merck (pharmaceuticals); Adidas and Puma (clothing and footwear); Commerzbank and Deutsche Bank (banking and finance); Aldi, Lidl and Edeka (retail); SAP (computer software); Infineon (semiconductors); Henkel (household and personal consumer products); Deutsche Post (logistics); and Hugo Boss (luxury goods).

Well known global brands are Mercedes Benz

Audi

BMW

Porsche

Volkswagen

T-mobile

Between 1991 and 2010, 40'301 mergers & acquisitions with an involvement of German firms with a total known value of 2'422 bil. EUR have been announced.

The largest transactions since 1991 are: the acquisition of Mannesmann by Vodafone for 204.8 bil. EUR in 1999, the merger of Daimler-Benz with Chrysler to form DaimlerChrysler in 1998 valued at 36.3 bil. EUR, Deutsche Telekom acquired VoiceStream Wireless Corp for 30.8 bil. EUR in 2000, the sale of T-Mobile USA Inc by Deutsche Telekom to AT&T Inc for 27.6 bil. EUR in 2011.

Economic regions

In several unitary European countries, such as United Kingdom and France, the capital city dominates the national economy.

Germany - a federation - on the other hand, does not have a single economic center: it is a polycentric country. Only 3 of Germany's 100 largest companies are headquartered in the capital Berlin. For example, the stock exchange is located in Frankfurt am Main, the largest Media company (Bertelsmann AG) is headquartered in Gütersloh; the most important car manufacturers are in Wolfsburg, Stuttgart and München.

Primary

In 2008 agriculture, forestry, and mining accounted for only 0.9% of Germany’s gross domestic product (GDP) and employed only 2.4% of the population,down from 4% in 1991.

Much of the reduction in employment occurred in the eastern states, where the number of agricultural workers declined by as much as 75% following reunification. However, agriculture is extremely productive, and Germany is able to cover 90% of its nutritional needs with domestic production.

In fact, Germany is the third largest agricultural producer in the European Union after France and Italy.Germany’s principal agricultural products are potatoes, wheat, barley, sugar beets, fruit, and cabbages.Despite Germany’s high level of industrialization, almost one-third of its territory is covered by forest.The forestry industry provides for about two-thirds of domestic consumption of wood and wood products, so Germany is a net importer of these items.

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. With the manufacture of 5.2 million vehicles in 2009, Germany was the world’s fourth largest producer and largest exporter of automobiles. German automotive companies enjoy a extremely strong position in the so called premium segment, with a combined world market share of about 90 %. Of vital importance is the role of small- to medium-sized manufacturing firms (Mittelstand companies), which specialize in technologically advanced niche products and are often family-owned.

It is estimated, that about 1500 German companies occupy a top three position in their respective market segment worldwide. In about two thirds of all industry sectors German companies belong to the top three competitors.

The world's largest chemistry plant BASF in Ludwigshafen

Energy

Germany is the world's fifth largest consumer of energy, and two-thirds of its primary energy was imported in 2002. In the same year, Germany was Europe's largest consumer of electricity.Government policy promotes energy conservation and the development of renewable energy sources, such as solar, wind, biomass, hydroelectric, and geothermal energy. As a result of energy-saving measures, energy efficiency has been improving since the beginning of the 1970s. The government has set the goal of meeting half the country's energy demands from renewable sources by 2050.

In 2000, the government and the German nuclear power industry agreed to phase out all nuclear power plants by 2021.The government reversed this decision in January 2010, electing to keep plants open. The crash of the Japanese nuclear plant Fukushima in March 2011 however, changed the political climate fundamentally: Older nuclear plants have been shut down. And a general phase out until 2020 or 2022 is now probable. Renewable energy yet still plays a more modest role in energy consumption, though German solar and windpower industries play a leading role worldwide.

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