Germany

Germany is the top financial power in Europe and the 4th internationally. According to the IMF, in 2019, the nation taped the weakest development rate given that the Eurozone crisis, with the GDP growing by only 0.6%, from 1.5% the previous year. This was mainly due to falling worldwide demand for capital items and the unpredictability around the Brexit procedure, which have impacted Germany’s export-oriented economy and political uncertainty and structural changes in the vehicle industry. According to the updated IMF projections from 14th April 2020, due to the break out of the COVID-19, GDP development is expected to be up to -7% in 2020 and pick up to 5.2% in 2021, subject to the post-pandemic worldwide economic recovery.

Primary industries in Germany: machinery, automotive, aviation, chemical, medical, consumer and service, energy and environmental technology, electronics and ICT and mittelstand.