Germany’s economic freedom score of 73.8 makes it as the 16th freest in the 2015 index. Openness to global trade and investment enables Germany to become one of the most competitive and flexible economies. Moreover government remains firm to policies emphasizing sound public finance, keep spending under control through deficit-cutting measures. Germany as a country is competitive internationally due to its 30 major corporations like Siemens, Volkswagen, Allianz, SAP and BASF alongwith other small and medium sized companies. They are considered to be the backbone of German economy and provide majority of employment opportunities to the young people.
Germany is the 4th largest automotive manufacturer in the world. When compared to other nations, Germany has a broad basis with a strong workforce of 5 million people to work in industrial companies. Here classic industrial production plays an important role. Germany specializes in the development and manufacturing of complex industrial goods including capital goods and innovative production technologies. Almost all Automotive companies spend 30% on R&D. Germany is considered to be one of the largest car producers due to Volkswagen, Audi, BMW, Daimler, Porsche and Opel.
Mechanical and Electronics Industry:
Mechanical engineering has a key position in Germany economy. It is a leading sector in terms of European level and export. The electronics industry is one of the strongest, particularly innovative growth sectors. Over 20% is invested by the industry in electronics industry’s R&D department. This industry which includes everything from household to nano technology relies heavily on cutting-edge research.
Chemical and Pharmaceutical Industry:
The number of products the chemical and pharmaceutical industry offers is enormous. Chemicals and pharmaceutical industry is the largest in Europe. Germany ranks third with its new products in the industry.
More than 29 million people are employed in service sector. Banking and insurance are the pillar of the service sector in Germany. But currently, cultural and creative industry is majorly attracting attention. It embraces fields like music, literature, art, cinema and the stage as well as radio/TV, the press, advertising, design and software. Almost one million people are employed in 238,000 companies out there in Germany. Creative industry is a model for modern economy apart from its considerable significance for the national economy. This sector is also playing a pioneering role on the way to a knowledge based economy. In an ageing society, health care is facing increasingly difficult challenges of sustaining high standards and this is possible with the help of qualified staff. German medical and healthcare offers many interesting opportunities to its professionals and is characterized by the state-of-the-art technology and equipments.
IT & Telecommunications Industry:
Germany’s IT and telecommunications industry is home to many creative minds. This creative minds, innovation and developments benefit other sectors too. The industry needs more IT specialists’ in order to sustain its position as the largest IT market.
German construction industry contributes more than its fair share to value creation in the country. Research in this industry places a special emphasis on development and redevelopment that improves the environmental footprint of buildings and construction. Total of 2.2 million employees are employed in this sector.
Germany’s leading industries are at face level with global market leaders and so these industries need qualified professionals from around the world to contribute their expertise. Many industries even today face shortage of qualified professionals.