CIA WORLD FACTBOOK

Germany- Economy

The German economy is the fifth largest economy in the world. In the same way, Germany is a leading exporter of machinery, vehicles, chemicals, and household equipment and benefits from a highly skilled labor force.  Germany has agriculture products as well as industry productions.   In terms of agriculture products, Germany counts with: potatoes, barley, sugar, beets, fruits, cabbage, milk products, cattle, pigs and poultry. Likewise, Germany’s industries produce: iron, steel, coal, cement, chemicals, machinery, vehicles, machine tools, electronics, automobiles, food and beverages, shipbuilding, textiles.

Similarly, Germany labor force is divided by occupations: agriculture (1.6 %), industry (24.6%), and services (73.8%). Added to that, past reforms carried out by the government helped to reduce the unemployment rate (decrease to 5.3% in 2013). Also, the new German government introduced a minimum wage of $11 per hour to take effect in 2015. Equally important is the fact that Germany population below poverty line is 15. 5 % (in 2010).

Following the March 2011 Fukushima nuclear disaster, Chancellor Angela MERKEL announced in May 2011 that eight of the country's 17 nuclear reactors would be shut down immediately and the remaining plants would close by 2022.

Germany hopes to replace nuclear power with renewable energy. Before the shutdown of the eight reactors, Germany relied on nuclear power for 23% of its electricity generating capacity and 46% of its base-load electricity production.