History: Old Germany

Germany has a social market economy with a highly qualified labour force, a large capital stock, a low level of corruption, and a high level of innovation. It has the largest national economy in Europe, the fourth largest by nominal GDP in the world, and the fifth largest by PPP in 2009. The service sector contributes approximately 71% of the total GDP, industry 28%, and agriculture 0.9%. The average national unemployment rate in 2010 was about 7.5%. First estimates indicate a 3.6% increase in the price-adjusted GDP for 2010, following a 4.7% drop in 2009.
Germany is a founding member of the EU, the G8 and the G20, and was the world's largest exporter from 2003 to 2008. In 2009 it remained the second largest exporter and third largest importer of goods. Most of the country's exports are in engineering, especially machinery, automobiles, chemical goods and metals. Germany is a leading producer of wind turbines and solar-power technology. Annual trade fairs and congresses are held in cities throughout Germany.
Germany is an advocate of closer European economic and political integration. Its commercial policies are increasingly determined by agreements among European Union (EU) members and by EU legislation. Germany introduced the common European currency, the euro, on 1 January 2002. Its monetary policy is set by the European Central Bank. Two decades after German reunification, standards of living and per capita incomes remain significantly higher in the states of the former West Germany than in the former East. The modernisation and integration of the eastern German economy is a long-term process scheduled to last until the year 2019, with annual transfers from west to east amounting to roughly $80 billion. In January 2009 the German government approved a €50 billion economic stimulus plan to protect several sectors from a downturn and a subsequent rise in unemployment rates.
Of the world's 500 largest stock-market-listed companies measured by revenue in 2010, the Fortune Global 500, 37 are headquartered in Germany. 30 Germany-based companies are included in the DAX, the German stock market index. Well-known global brands are Mercedes-Benz, BMW, SAP, Siemens, Volkswagen, Adidas, Audi, Allianz, Porsche, and Nivea. Germany is recognised for its specialised small and medium enterprises. Around 1,000 of these companies are global market leaders in their segment and are labelled hidden champions.