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The economy of Germany is the largest manufacturing economy in Europe, and it is less likely to be affected by a financial downturn. [35] Germany conducts applied research with practical industrial value and sees itself as a bridge between the latest university insights and industry-specific product and process improvements.
Different countries by labour productivity (GDP per working hour) in 2019 International dollar according to Our World in Data: [ 1 ] Ireland. Norway. Switzerland. Luxembourg. Denmark. United States. Netherlands. Germany.
Agricultural productivity released labor at a time when manufacturing was growing. Manufacturing productivity growth peaked with factory electrification and automation, but still remains significant. However, as the relative size of the manufacturing sector shrank the government and service sectors, which have low productivity growth, grew. [127]
Company Sales Headquarters Industry Volkswagen: 254.0 Germany Automotive: Daimler: 150.8 Germany Automotive: FCA: 110.4 Italy United States Automotive: BASF: 103.9 Germany Chemicals ...
It was only in the late 1980s that West Germany's economy finally began to grow more rapidly. The growth rate for West German GDP rose to 3.7 percent in 1988 and 3.6 percent in 1989, the highest levels of the decade. The unemployment rate also fell to 7.6 percent in 1989, despite an influx of workers from abroad.
The automotive industry in Germany, is one of the largest employers in the world, with a labor force of over 857,336 (2016) working in the industry. Being home to the modern car, the German automobile industry is regarded as one of the most competitive and innovative in the world, [1] and has the third-highest car production in the world, [2 ...
Deindustrialisation refers to the process of social and economic change caused by the removal or reduction of industrial activity and employment in a country or region, especially heavy industry or manufacturing industry. Deindustrialisation is common to all mature Western economies, as international trade, social changes, and urbanisation have ...
Today headquartered in Munich and Berlin, Siemens and its subsidiaries employ approximately 320,000 people worldwide and reported a global revenue of around €78 billion in 2023. [6] The company is a component of the DAX and Euro Stoxx 50 stock market indices. [ 9 ]