From 1834, tariff barriers between increasing numbers of the Kleindeutschland German states were eliminated.
In 1835 the first German railway linked the Franconian cities of Nuremberg and Fürth – it proved so successful that the decade of the 1840s saw "railway mania" in all the German states.
In 1835 the first German railway linked the Franconian cities of Nuremberg and Fürth – it proved so successful that the decade of the 1840s saw "railway mania" in all the German states.
Between 1845 and 1870, of rail had been built and in 1850 Germany was building its own locomotives.
Between 1845 and 1870, of rail had been built and in 1850 Germany was building its own locomotives.
The German economic miracle was also intensified by an unprecedented population growth from 35 million in 1850 to 67 million in 1913.
Between 1845 and 1870, of rail had been built and in 1850 Germany was building its own locomotives.
However, this system did not fully come into use as silver coins retained their value until 1907. The victory of Prussia and her allies over Napoleon III of France in the Franco-Prussian War of 1870-1871 marked the end of French hegemony in Europe and resulted in the proclamation of the German Empire in 1871.
The Deutsche Mark, a new monetary coinage system backed by gold, was introduced in 1871.
However, this system did not fully come into use as silver coins retained their value until 1907. The victory of Prussia and her allies over Napoleon III of France in the Franco-Prussian War of 1870-1871 marked the end of French hegemony in Europe and resulted in the proclamation of the German Empire in 1871.
The ratio of finished product to total exports jumped from 38% in 1872 to 63% in 1912.
Nonetheless, political decisions about the economy of the empire were still largely controlled by a coalition of "rye and iron", that is the Prussian Junker landowners of the east and the Ruhr heavy industry of the west. Regarding politics and society, between 1881 and 1889 Chancellor Otto von Bismarck promoted laws that provided social insurance and improved working conditions.
Nonetheless, political decisions about the economy of the empire were still largely controlled by a coalition of "rye and iron", that is the Prussian Junker landowners of the east and the Ruhr heavy industry of the west. Regarding politics and society, between 1881 and 1889 Chancellor Otto von Bismarck promoted laws that provided social insurance and improved working conditions.
From 1895 to 1907, the number of workers engaged in machine building doubled from half a million to well over a million.
Moreover, the government's universal education policy bore fruit with Germany achieving the highest literacy rate in the world – 99% – education levels that provided the nation with more people good at handling numbers, more engineers, chemists, opticians, skilled workers for its factories, skilled managers, knowledgeable farmers and skilled military personnel. By 1900 Germany surpassed Britain and the United States in steel production.
However, this system did not fully come into use as silver coins retained their value until 1907. The victory of Prussia and her allies over Napoleon III of France in the Franco-Prussian War of 1870-1871 marked the end of French hegemony in Europe and resulted in the proclamation of the German Empire in 1871.
From 1895 to 1907, the number of workers engaged in machine building doubled from half a million to well over a million.
Only 40 percent of Germans lived in rural areas by 1910, a drop from 67% at the birth of the Empire.
The ratio of finished product to total exports jumped from 38% in 1872 to 63% in 1912.
The German economic miracle was also intensified by an unprecedented population growth from 35 million in 1850 to 67 million in 1913.
Industry accounted for 60 percent of the gross national product in 1913.
By 1913 Germany had come to dominate all the European markets.
The German chemical industry became the most advanced in the world, and by 1914 the country was producing half the world's electrical equipment. The rapid advance to industrial maturity led to a drastic shift in Germany's economic situation – from a rural economy into a major exporter of finished goods.
By 1914 Germany had become one of the biggest exporters in the world. ===Weimar Republic and Third Reich=== The Nazis rose to power while unemployment was very high, but achieved full employment later thanks to massive public works programs such as the Reichsbahn, Reichspost and the Reichsautobahn projects.
Lee The post-1931 financial crisis economic policies of expansionary fiscal policies (as Germany was off the gold standard) was advised by their non-Nazi Minister of Economics, Hjalmar Schacht, who in 1933 became the president of the central bank.
Hjalmar Schacht later abdicated from the post in 1938 and was replaced by Hermann Göring. The trading policies of the Third Reich aimed at self sufficiency but with a lack of raw materials Germany would have to maintain trade links but on bilateral preferences, foreign exchange controls, import quotas and export subsidies under what was called the "New Plan"(Neuer Plan) of 19 September 1934.
In 1935 rearmament in contravention of the Treaty of Versailles added to the economy. Weimar and Nazi Germany By Stephen J.
Hjalmar Schacht later abdicated from the post in 1938 and was replaced by Hermann Göring. The trading policies of the Third Reich aimed at self sufficiency but with a lack of raw materials Germany would have to maintain trade links but on bilateral preferences, foreign exchange controls, import quotas and export subsidies under what was called the "New Plan"(Neuer Plan) of 19 September 1934.
However, the former GDR's Wismut mining company produced a total of 230,400 tonnes of uranium between 1947 and 1990 and made East Germany the fourth largest producer of uranium ore worldwide (largest in USSR's sphere of control) at the time.
The last repayment was made in June 1971. Apart from these factors, hard work and long hours at full capacity among the population in the 1950s, 1960s and early 1970s and extra labor supplied by thousands of Gastarbeiter ("guest workers") provided a vital base for the economic upturn. ===East Germany=== By the early 1950s the Soviet Union had seized reparations in the form of agricultural and industrial products and demanded further heavy reparation payments.
The last repayment was made in June 1971. Apart from these factors, hard work and long hours at full capacity among the population in the 1950s, 1960s and early 1970s and extra labor supplied by thousands of Gastarbeiter ("guest workers") provided a vital base for the economic upturn. ===East Germany=== By the early 1950s the Soviet Union had seized reparations in the form of agricultural and industrial products and demanded further heavy reparation payments.
The last repayment was made in June 1971. Apart from these factors, hard work and long hours at full capacity among the population in the 1950s, 1960s and early 1970s and extra labor supplied by thousands of Gastarbeiter ("guest workers") provided a vital base for the economic upturn. ===East Germany=== By the early 1950s the Soviet Union had seized reparations in the form of agricultural and industrial products and demanded further heavy reparation payments.
As a result of energy-saving measures, energy efficiency has been improving since the beginning of the 1970s.
The last repayment was made in June 1971. Apart from these factors, hard work and long hours at full capacity among the population in the 1950s, 1960s and early 1970s and extra labor supplied by thousands of Gastarbeiter ("guest workers") provided a vital base for the economic upturn. ===East Germany=== By the early 1950s the Soviet Union had seized reparations in the form of agricultural and industrial products and demanded further heavy reparation payments.
East Germany had zero unemployment. In 1976 the average annual GDP growth was roughly 5.9%. ===Federal Republic=== The German economy practically stagnated in the beginning of the 2000s.
The number of people in work has risen to 41.6 million, the highest recorded figure. Through 2012, Germany's economy continued to be stronger relative to local neighboring nations. ==Data == As of December 2017, the unemployment rate was at 5.5 percent. , the unemployment rate was 4.8 percent. , the CPI rate was 0.6 percent. The following table shows the main economic indicators in 1980–2018.
Silesia with the Upper Silesian Coal Basin, and Stettin, a prominent natural port, were lost to Poland. Exports from West Germany exceeded $323 billion in 1988.
Baden-Württemberg is an industrial center especially for automobile and machine building industry and the home of brands like Mercedes-Benz (Daimler), Porsche and Bosch. With the reunification on 3 October 1990, Germany began the major task of reconciling the economic systems of the two former republics.
However, the former GDR's Wismut mining company produced a total of 230,400 tonnes of uranium between 1947 and 1990 and made East Germany the fourth largest producer of uranium ore worldwide (largest in USSR's sphere of control) at the time.
Around 1,000 of these companies are global market leaders in their segment and are labelled hidden champions. From 1991 to 2010, 40,301 mergers and acquisitions with an involvement of German firms with a total known value of 2,422 bil.
The largest transactions since 1991 are: the acquisition of Mannesmann by Vodafone for 204.8 bil.
It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and ranked fifth by GDP (PPP) in 2015. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. ===Primary=== In 2010 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.
Inflation below 2% is in green. 1980 to 1995 1996 to 2010 2011 to 2018 ===Companies=== Of the world's 500 largest stock-market-listed companies measured by revenue in 2010, the Fortune Global 500, 37 are headquartered in Germany.
EUR in 1999, the merger of Daimler-Benz with Chrysler to form DaimlerChrysler in 1998 valued at 36.3 bil.
EUR in 1999, the merger of Daimler-Benz with Chrysler to form DaimlerChrysler in 1998 valued at 36.3 bil.
The most active year in terms of value was 1999 with a cumulated value of 48.
Germany introduced the common European currency, the euro on 1 January 1999.
Of the world's 2000 largest publicly listed companies measured by revenue, the Fortune Global 2000, 53 are headquartered in Germany, with the Top 10 being Allianz, Daimler, Volkswagen, Siemens, BMW, Deutsche Telekom, Bayer, BASF, Munich Re and SAP. Germany is the world's top location for trade fairs.
East Germany had zero unemployment. In 1976 the average annual GDP growth was roughly 5.9%. ===Federal Republic=== The German economy practically stagnated in the beginning of the 2000s.
This led the government to push through a wide-ranging program of belt-tightening reforms, Agenda 2010, including the labor market reforms known as Hartz I - IV. In the later part of the first decade of 2000 the world economy experienced high growth, from which Germany as a leading exporter also profited.
The government has set the goal of meeting half the country's energy demands from renewable sources by 2050. In 2000, the red-green coalition under Chancellor Schröder and the German nuclear power industry agreed to phase out all nuclear power plants by 2021.
The worst growth figures were achieved in 2002 (+1.4%), in 2003 (+1.0%) and in 2005 (+1.4%).
It is now currently increasing at 10,424.00 per second (Oct2020).. Economists generally see Germany's current account surplus as undesirable. ==Infrastructure== ===Energy=== Germany is the world's fifth largest consumer of energy, and two-thirds of its primary energy was imported in 2002.
The worst growth figures were achieved in 2002 (+1.4%), in 2003 (+1.0%) and in 2005 (+1.4%).
Germany exited the recession in the second and third quarters of 2009, mostly due to rebounding manufacturing orders and exports - primarily from outside the Euro Zone - and relatively steady consumer demand. Germany is a founding member of the EU, the G8 and the G20, and was the world's largest exporter from 2003 to 2008.
The worst growth figures were achieved in 2002 (+1.4%), in 2003 (+1.0%) and in 2005 (+1.4%).
The overall unemployment rate has consistently fallen since 2005 and reached a 20-year low in 2012.
EUR, twice as much as the runner up which was 2006 with 24.
Some credit the Hartz reforms with achieving high growth and declining unemployment but others contend that they resulted in a massive decrease in standards of living, and that its effects are limited and temporary. The nominal GDP of Germany contracted in the second and third quarters of 2008, putting the country in a technical recession following a global and European recession cycle.
Germany exited the recession in the second and third quarters of 2009, mostly due to rebounding manufacturing orders and exports - primarily from outside the Euro Zone - and relatively steady consumer demand. Germany is a founding member of the EU, the G8 and the G20, and was the world's largest exporter from 2003 to 2008.
Siemens, Bosch and BASF, with almost 5,000 registrations for patents between them in 2008, are among the Top 5 of more than 35,000 companies registering patents.
In January 2009 the German government under Angela Merkel approved a €50 billion ($70 billion) economic stimulus plan to protect several sectors from a downturn and a subsequent rise in unemployment rates.
Germany exited the recession in the second and third quarters of 2009, mostly due to rebounding manufacturing orders and exports - primarily from outside the Euro Zone - and relatively steady consumer demand. Germany is a founding member of the EU, the G8 and the G20, and was the world's largest exporter from 2003 to 2008.
With the manufacture of 5.2 million vehicles in 2009, Germany was the world's fourth largest producer and largest exporter of automobiles.
This led the government to push through a wide-ranging program of belt-tightening reforms, Agenda 2010, including the labor market reforms known as Hartz I - IV. In the later part of the first decade of 2000 the world economy experienced high growth, from which Germany as a leading exporter also profited.
Inflation below 2% is in green. 1980 to 1995 1996 to 2010 2011 to 2018 ===Companies=== Of the world's 500 largest stock-market-listed companies measured by revenue in 2010, the Fortune Global 500, 37 are headquartered in Germany.
Around 1,000 of these companies are global market leaders in their segment and are labelled hidden champions. From 1991 to 2010, 40,301 mergers and acquisitions with an involvement of German firms with a total known value of 2,422 bil.
It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and ranked fifth by GDP (PPP) in 2015. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. ===Primary=== In 2010 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.
The largest annual international trade fairs and congresses are held in several German cities such as Hannover, Frankfurt, and Berlin. ==Government finances== The debt-to-GDP ratio of Germany had its peak in 2010 when it stood at 80.3% and decreased since then.
The conservative coalition under Chancellor Merkel reversed this decision in January 2010, electing to keep plants open.
In 2011 it remained the third largest exporter and third largest importer.
EUR. Berlin (Economy of Berlin) developed an international Startup ecosystem and became a leading location for venture capital funded firms in the European Union. The list includes the largest German companies by revenue in 2011: === Mergers and Acquisitions === Since the German reunification there have been 52,258 mergers or acquisitions deals inbound or outbound Germany.
The nuclear disaster 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.
The number of people in work has risen to 41.6 million, the highest recorded figure. Through 2012, Germany's economy continued to be stronger relative to local neighboring nations. ==Data == As of December 2017, the unemployment rate was at 5.5 percent. , the unemployment rate was 4.8 percent. , the CPI rate was 0.6 percent. The following table shows the main economic indicators in 1980–2018.
The overall unemployment rate has consistently fallen since 2005 and reached a 20-year low in 2012.
The subcomponents of services are financial, renting, and business activities (30.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%). Germany is the seventh most visited country in the world, with a total of 407 million overnights during 2012.
In 2012, over 30.4 million international tourists arrived in Germany.
German railways are heavily subsidised, receiving €17.0 billion in 2014. The largest German airports are Frankfurt Airport and Munich Airport, both are global hubs of Lufthansa.
It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and ranked fifth by GDP (PPP) in 2015. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. ===Primary=== In 2010 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.
According to Eurostat, the government gross debt of Germany amounts to €2,152.0 billion or 71.9% of its GDP in 2015.
The federal government achieved a budget surplus of €12.1 billion ($13.1 billion) in 2015.
Germany is a founding member of the European Union and the Eurozone. In 2016, Germany recorded the highest trade surplus in the world worth $310 billion, making it the biggest capital exporter globally.
Germany's credit rating by credit rating agencies Standard & Poor's, Moody's and Fitch Ratings stands at the highest possible rating AAA with a stable outlook in 2016. Germany's "debt clock" (Schuldenuhr) reversed for the first time in 20 years in January 2018.
In 2017, the country accounted for 28% of the euro area economy according to the International Monetary Fund (IMF).
The number of people in work has risen to 41.6 million, the highest recorded figure. Through 2012, Germany's economy continued to be stronger relative to local neighboring nations. ==Data == As of December 2017, the unemployment rate was at 5.5 percent. , the unemployment rate was 4.8 percent. , the CPI rate was 0.6 percent. The following table shows the main economic indicators in 1980–2018.
In about two thirds of all industry sectors German companies belong to the top three competitors. Germany is the only country among the top five arms exporters that is not a permanent member of the United Nations Security Council. ===Services=== In 2017 services constituted 68.6% of gross domestic product (GDP), and the sector employed 74.3% of the workforce.
Inflation below 2% is in green. 1980 to 1995 1996 to 2010 2011 to 2018 ===Companies=== Of the world's 500 largest stock-market-listed companies measured by revenue in 2010, the Fortune Global 500, 37 are headquartered in Germany.
Germany's credit rating by credit rating agencies Standard & Poor's, Moody's and Fitch Ratings stands at the highest possible rating AAA with a stable outlook in 2016. Germany's "debt clock" (Schuldenuhr) reversed for the first time in 20 years in January 2018.
Germany is one of the largest exporters globally with $1810.93 billion worth of goods and services exported in 2019.
Renewables produced 46% of electricity consumed in Germany (as of 2019). 99 percent of all German companies belong to the German "Mittelstand," small and medium-sized enterprises, which are mostly family-owned.
The modernisation 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 nuclear disaster 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.
As a result, the numbers of workers is expected to decrease and the government spending needed to support pensioners and healthcare will increase if the trend is not reversed. Less than a quarter of German people expect living conditions to improve in the coming decades. On August 25, 2020, Federal Statistical Office of Germany revealed that German economy plunged by 9.7% in the second quarter which is the worst on record.
The government has set the goal of meeting half the country's energy demands from renewable sources by 2050. In 2000, the red-green coalition under Chancellor Schröder and the German nuclear power industry agreed to phase out all nuclear power plants by 2021.
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