Germany is the largest and strongest economy in Europe. The country is the 4th largest economy in the world according to nominal GDP at $4.17 trillion. Its GDP size in terms of purchasing power capability is $4.17 trillion. The GDP per capita of the country earned the 17th spot with $44,549.69. In 1980, Germany was the 3rd largest economy with nominal terms with $850.47 billion GDP.
The economy of Germany increased with 1.9% in 2016, and 2.5% in 2017. It is most noteworthy that IMF has revised growth downwards to 2.2% in 2019, and 2.1% in 2020. Germany has recently launched “Industrie 4.0” in order to improve and modify its manufacturing power in the current worldwide circumstances. This strategic step from Germany took place to establish its leading role in the market to provide manufacturing solutions.
It marked the highest surplus in the world in 2016 with $310 billion. This achievement made it one of the largest capital exporters. The country got the 3rd position as the biggest exporter in the world with 1.21 trillion Euros according to goods and services. The service sector participates almost 70%, industry 29.1%, and agriculture with 0.9% in the total GDP.
Global Export Contribution
The country has a highly developed and advanced social market-oriented economy. Germany is one of the founding members of the European Union. The IMF calculated 28% participation in the Euro economy for the country in 2017. Its national economy is the largest economy in Europe because it has the 4th position with nominal GDP and 5th with GDP (PPP) in the world.
The exports of Germany were calculated at 41%. The country deals in major exports such as vehicles, transport equipment, machinery, basic metals, electronic appliances and equipment, chemical goods, pharmaceuticals, rubber and plastic, and food products. The country is rich with natural resources especially in timber, potash, lignite, and salt. Some minor sources have discovered in the Lower Saxony State. The top trade fairs held in Germany because two-thirds of the top trade fairs in the world are being conducted in this country.