CDB, CE, CERN, EAPC, EBRD, EIB, EMU, ESA, EU, FAO, G-5, G-7, G-8,
G-10, IADB, IAEA, IBRD, ICAO, ICC, ICCt, ICRM, IDA, IEA, IFAD, IFC,
IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO,
ITU, ITUC, MIGA, NAM (guest), NATO, NEA, NSG, OAS (observer), OECD,
OPCW, OSCE, Paris Club, PCA, Schengen Convention, SECI (observer),
UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNMIL, UNMIS, UNOMIG,
UNRWA, UNWTO, UPU, WADB (nonregional), WCO, WEU, WFTU, WHO, WIPO,
WMO, WTO, ZC
Diplomatic representation in the US:
chief of mission: Ambassador Klaus SCHARIOTH chancery: 4645 Reservoir Road NW, Washington, DC 20007 telephone: [1] (202) 298–4000 FAX: [1] (202) 298–4249 consulate(s) general: Atlanta, Boston, Chicago, Houston, Los Angeles, Miami, New York, San Francisco
Diplomatic representation from the US:
chief of mission: Ambassador William R. TIMKEN, Jr. embassy: Pariser Platz 2, 10117 Berlin; note - new embassy opened 4 July 2008 mailing address: PSC 120, Box 1000, APO AE 09265, clayallee 170, 14195 Berlin telephone: [49] (030) 2385174 FAX: [49] (030) 8305–1215 consulate(s) general: Duesseldorf, Frankfurt am Main, Hamburg, Leipzig, Munich
Flag description:
three equal horizontal bands of black (top), red, and gold
Economy
Germany
Economy - overview:
Germany's affluent and technologically powerful economy - the fifth largest in the world in PPP terms - showed considerable improvement in 2007 with 2.6% growth. After a long period of stagnation with an average growth rate of 0.7% between 2001–05 and chronically high unemployment, stronger growth led to a considerable fall in unemployment to about 8% near the end of 2007. Among the most important reasons for Germany's high unemployment during the past decade were macroeconomic stagnation, the declining level of investment in plant and equipment, company restructuring, flat domestic consumption, structural rigidities in the labor market, lack of competition in the service sector, and high interest rates. The modernization and integration of the eastern German economy continues to be a costly long-term process, with annual transfers from west to east amounting to roughly $80 billion. The former government of Chancellor Gerhard SCHROEDER launched a comprehensive set of reforms of labor market and welfare-related institutions. The current government of Chancellor Angela MERKEL has initiated other reform measures, such as a gradual increase in the mandatory retirement age from 65 to 67 and measures to increase female participation in the labor market. Germany's aging population, combined with high chronic unemployment, has pushed social security outlays to a level exceeding contributions, but higher government revenues from the cyclical upturn in 2006–07 and a 3% rise in the value-added tax pushed Germany's budget deficit well below the EU's 3% debt limit. Corporate restructuring and growing capital markets are setting the foundations that could help Germany meet the long-term challenges of European economic integration and globalization, although some economists continue to argue the need for change in inflexible labor and services markets. Growth may fall below 2% in 2008 as the strong euro, high oil prices, tighter credit markets, and slowing growth abroad take their toll.
GDP (purchasing power parity):
$2.807 trillion (2007 est.)
GDP (official exchange rate):
$3.322 trillion (2007 est.)
GDP - real growth rate:
2.5% (2007 est.)
GDP - per capita (PPP):
$34,100 (2007 est.)
GDP - composition by sector:
agriculture: 0.9% industry: 30.1% services: 69% (2007 est.)
Labor force:
43.54 million (2007 est.)
Labor force - by occupation:
agriculture: 2.8% industry: 33.4% services: 63.8% (1999)
Unemployment rate:
9% note: this is the International Labor Organization's estimated rate for international comparisons; Germany's Federal Employment Office estimated a seasonally adjusted rate of 10.8% (2007 est.)
Population below poverty line:
11% (2001 est.)
Household income or consumption by percentage share:
lowest 10%: 3.2% highest 10%: 22.1% (2000)
Distribution of family income - Gini index:
28 (2005)
Investment (gross fixed):
18.5% of GDP (2007 est.)
Budget:
revenues: $1.454 trillion expenditures: $1.453 trillion (2007 est.)
Fiscal year:
calendar year
Public debt:
64.9% of GDP (2007 est.)
Inflation rate (consumer prices):
2.3% (2007 est.)
Central bank discount rate:
NA
Commercial bank prime lending rate:
5.96% (31 December 2007)
Stock of money:
NA note: see entry for the European Union for money supply in the Euro Area; the European Central Bank (ECB) controls monetary policy for the 15 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money and quasi money circulating within their own borders
Stock of quasi money:
NA
Stock of domestic credit:
$5.081 trillion (31 December 2007)
Agriculture - products:
potatoes, wheat, barley, sugar beets, fruit, cabbages; cattle, pigs, poultry
Industries:
among the world's largest and most technologically advanced producers of iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, food and beverages, shipbuilding, textiles
Industrial production growth rate:
5.2% (2007 est.)
Electricity - production:
594.7 billion kWh (2007 est.)
Electricity - consumption:
549.1 billion kWh (2006 est.)
Electricity - exports:
62.51 billion kWh (2007 est.)
Electricity - imports:
46.13 billion kWh (2007 est.)
Electricity - production by source:
fossil fuel: 61.8% hydro: 4.2% nuclear: 29.9% other: 4.1% (2001)
Oil - production:
148,100 bbl/day (2007 est.)
Oil - consumption:
2.456 million bbl/day (2007 est.)
Oil - exports:
563,400 bbl/day (2005)
Oil - imports:
3.026 million bbl/day (2005)