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Auto industry jobs have long been the lifeblood of the German town of Luedenscheid but now, a trade union official says, the sector's woes have sparked fears it will turn into an "open-air ...
The services sector represented 70% of Germany's gross domestic product last year, against 78% in France, 72% in Italy and 75% in Spain, according to Eurostat data.
The collapse of Germany's governing coalition and President-elect Donald Trump's imminent return to the White House are creating new risks for the European Union's biggest economy, already in a ...
The German economic crisis is a significant downturn of Germany's economy that marked a dramatic reversal of its previous "labour market miracle" period of 2005–2019. The country, which had been considered to be Europe's economic powerhouse in prior decades, became the worst-performing major economy globally in 2023 with a 0.3% contraction, followed by minimal growth in 2024 leaning on ...
In November 2023, Germany's Federal Constitutional Court (Bundesverfassungsgericht) declared parts of the government's budget policy unconstitutional. Scholz's cabinet had reallocated unspent debt proceeds – originally designated to mitigate the COVID-19 pandemic – to its climate action budget.
Since 2009, Germany has a balanced budget amendment in its Constitution, the so-called "debt brake" (Schuldenbremse in German), which restricts annual structural deficits to 0.35% of GDP. [ 5 ] [ 6 ] [ 7 ] If a natural disaster or extraordinary emergency exists, the debt brake may be temporarily suspended for a budget year by a majority vote in ...
It faces competition from China in the manufacturing of some of its main exports, which has delivered high-profile damage to Germany’s famous automobile industry. Volkswagen, Germany’s largest ...
Universal Music Germany HQ. Industries that do business in the creative arts and entertainment are an important and sizable sector of the economy of Berlin. The creative arts sector comprises music, film, advertising, architecture, art, design, fashion, performing arts, publishing, R&D, software, [29] TV, radio, and video games. Around 22,600 ...