Economy of Germany

Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world, and fifth by GDP (PPP). The country is a founding member of the European Union and the Eurozone.

The socio-economic policy of Germany is based on the concept of the social market economy.

In 2014, Germany recorded the highest trade surplus in the world worth $285 billion, making it the biggest capital exporter globally.Germany is the third largest exporter in the world with 1.13 trillion euros ($1.28 trillion) in goods and services exported in 2014. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports account for 41% of national output. The top 10 exports of Germany are vehicles, machineries, chemical goods, electronic products, electrical equipments, pharmaceuticals, transport equipments, basic metals, food products, and rubber and plastics.

Germany is rich in timber, iron ore, potash, salt, uranium, nickel, copper and natural gas. Energy in Germany is sourced predominantly by fossil fuels (50%), followed by nuclear power second, then gas, wind, biomass (wood and biofuels), hydro and solar. Germany is the first major industrialized nation to commit to the renewable energy transition called Energiewende. Germany is the leading producer of wind turbines in the world. Renewables now produce over 27% of electricity consumed in Germany.