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The economy of Germany is a highly developed social market economy. [24] It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and the sixth-largest by PPP-adjusted GDP. Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates
[7] [8] Since China's transition to a socialist market economy through controlled privatisation and deregulation, [9] [10] the country has seen its ranking increase from ninth in 1978, to second in 2010; China's economic growth accelerated during this period and its share of global nominal GDP surged from 2% in 1980 to 18% in 2021.
Economy of Germany Germany was the third largest exporter in 2017. In absolute terms, Germany allocates the second biggest annual budget of development aid in the world, [4] while its military expenditure ranked sixth. [5] The country has developed a high standard of living and established a comprehensive system of social security.
So much so the International Monetary Fund expects the country to be the only advanced economy to shrink this year — with a forecast contraction of 0.3% compared with an average rise of 0.9% for ...
For most of this century, Germany racked up one economic success after another, dominating global markets for high-end products like luxury cars and industrial machinery, selling so much to the ...
The German economy shrank by 0.3% in 2023. The government forecast growth of 1.1% next year and 1.6% in 2026. Vice Chancellor Robert Habeck, who is also the economy minister, said that the German economy hasn't seen powerful growth since 2018 as the country's structural problems have been joined by wider global challenges.
Based on the results, the World Bank announced that in 2021 Russia was the world's 4th largest economy (int$5.7 trillion and 3.8 percent of the world) and the largest economy in Europe and Central Asia when measured in PPP terms (15 percent of the regional total), followed by Germany (13 percent of the regional economy). [18]
Compared with the fourth quarter of 2019, the last pre-pandemic period, gross domestic product (GDP) was still down 3.4%, the Statistics Office said. Germany's economy expands less than expected ...