1E9Ct5D

C. German EconomyThe Euro, which is divided into 100 Cent, has been the officialcurrency in Germany since 2002. The foreign exchange referencerates are published by the European Central Bank(ECB).Manufacturing is the backbone of Germany’s economy. Thecountry is a member of the G-8 Group and therefore belongsto the richest nations in the world. One of Germany’s most important industrial regions isthe Ruhr which is an area of coal mines and steel mills along the Ruhr River. Other importantindustrial areas are located in Bavaria, Dresden and Hamburg.Machine and vehicle construction as well as the chemical industry belong to Germany’smost important industries. In this context, Germany’s industries not only include the mostfamous cars, namely BMW, Volkswagen, and Mercedes-Benz but also worldwide exportingcompanies like Bayer, BASF and Hoechst. In addition to that, electrical engineering,electronics, and office equipment are growing industries in Germany.Germany’s economic success is mainly due to foreign trade. It exports a large amount ofmotor vehicles, chemical products, engineering articles as well as electrical engineeringproducts. Nevertheless, most of the energy resources and raw materials for the Germanindustries are imported, based on the fact that the country has only small amounts ofnatural resources. Other main imports are food, drinks, tobacco, and petroleum products.In 2013 Germany’s GDP was approximately 2.735,80 billion Euro (equals 3,593 billionUS-Dollar).D. German Business PracticesThe normal working hours are from 9am to 5pm. However, the retail opening hours dependon the respective state and might vary. Nevertheless, 24h shopping on Sundays isonly available on certain gas stations and at other sites relevant to travel.In Germany the standard added tax rate is 19 %. However, there is a reduced tax rate ofonly 7 % that mainly relates to food and agricultural products. VAT is imposed on assets9