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3 Economy
Germany has a social market economy with an established welfare system and high
standard of living. The German economy is dominantly export orientated and “Made in
Germany” is a known as a seal of quality, representing innovation, quality and cuttingedge
technology. Even if the country is well known for the large technological and
industrial companies like Volkswagen, Daimler, Siemens, Porsche, Lufthansa and SAP, it
is the small and medium-sized enterprises that are the core of the German economy.
Tens of thousands of SMEs employ almost 70 % of the country's workforce (Facts about
Germany, 2010)
3.1 Gross domestic product 6
The German GDP for 2009 was 2 395 billion Euro (Seasonally and calendar adjusted
figures, Destatis, 2010). The country is, according to CIA Factbook, the 6th largest
economies in the world. GDP per capital was 27 300 Euro in 2009. Standards of living
and per capita income is still higher in the states of the former West Germany than in the
former East.
3.2 GDP growth
Germany has experienced a slow, but steady growth over the past decade until the
financial crisis in end of 2008 and beginning of 2009. Export fell some 18 % and GDP fell
4.7 % in 2009 compared to 2008 (Price and seasonally adjusted). However, the German
economy is recovering rapidly. According to a press release from the Federal Statistical
Office (Destatis, 2010) in august 2010, did the gross domestic product (GDP) rose by
2.2% during the second quarter of 2010 on the previous quarter (price, seasonal and
calendar adjustment). This it’s fastest quarterly growth in more than 20 years. Both
domestic and foreign demand made a positive contribution to growth.
Figure 3 Gross Domestic Product (price adjusted, chained linked)
Source; Destatis (2010)
6 Gross Domestic Product (GDP) measures the domestic production of goods and services minus the
intermediate consumption of goods and services, and is a measure of the economic situation and development
of a country.
INBDP 2010 Leisure boats Germany 12