Germany banking
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Information
Economy—overview: In 1997 the German economy the world's third most powerful benefited from robust exports particularly to other members of the EU and the US as well as strengthening equipment investment. But anemic private consumption and a contraction in the construction industry limited the expansion. Unemployment continued to set post-war monthly records through the end of 1997 and averaged 4.3 million for the year. In preparation for the 1 January 1999 start of the European Monetary Union the government has made major efforts in 1996-97 to reduce the fiscal deficit. This effort has been complicated by growing unemployment an erosion of the tax base and the continuing transfer of roughly $100 billion a year to eastern Germany to refurbish this ex-communist area. In recent years business and political leaders have become increasingly concerned about Germany's decline in attractiveness as an investment target. They cite increasing preference by German companies to locate new manufacturing facilities in foreign countries including the US rather than in Germany to be closer to the markets and to avoid Germany's high tax rates high wage costs rigid labor structures and extensive regulations. For similar reasons foreign investment in Germany has been lagging in recent years.
GDP: purchasing power parity—$1.74 trillion (western: purchasing power parity—$1.60 trillion; eastern: purchasing power parity—$144 billion) (1997 est.)
GDP—real growth rate: 2.4% (western 2.5% eastern 1.7%) (1997 est.)
GDP—per capita: purchasing power parity—$20 800 (western: purchasing power parity - $23 600; eastern: purchasing power parity—$9 100) (1997 est.)
GDP—composition by sector:
agriculture: 1.1%
industry: 34.5%
services: 64.4% (1995)
Inflation rate—consumer price index: 1.8% (1997)
Labor force:
total: 38.7 million
by occupation: industry 41% agriculture 3% services 56% (1995)
Unemployment rate: 12% (1997 est.)
Budget:
revenues: $755 billion
expenditures: $832.1 billion including capital expenditures of $NA (1995)
Industries: western: among world's largest and technologically advanced producers of iron steel coal cement chemicals machinery vehicles machine tools electronics food and beverages; eastern: metal fabrication chemicals brown coal shipbuilding machine building food and beverages textiles petroleum refining
Industrial production growth rate: 3% (1997)
Electricity—capacity: 109.727 million kW (1995)
Electricity—production: 495.875 billion kWh (1995)
Electricity—consumption per capita: 6 154 kWh (1995 est.)
Agriculture—products: western: potatoes wheat barley sugar beets fruit cabbage; cattle pigs poultry; eastern: wheat rye barley potatoes sugar beets fruit; pork beef chicken milk hides
Exports:
total value: $521.1 billion (f.o.b. 1996)
commodities: manufactures 88.2% (including machines and machine tools chemicals motor vehicles iron and steel products) agricultural products 5.0% raw materials 2.3% fuels 1.0% other 3.5% (1995)
partners: EU 57.7% (France 11.7% UK 8.1% Italy 7.6% Netherlands 7.5% Belgium-Luxembourg 6.5% Austria 5.5%) Eastern Europe 8.0% other West European countries 7.5% US 7.3% NICs 5.6% Japan 2.5% OPEC 2.2% China 1.4% (1996 est.)
Imports:
total value: $455.7 billion (f.o.b. 1996)
commodities: manufactures 74.2% agricultural products 9.9% fuels 6.4% raw materials 5.9% other 3.6% (1995)
partners: EU 55.5% (France 10.8% Netherlands 8.6% Italy 8.4% Belgium-Luxembourg 6.6% UK 6.4% Austria 3.9%) Eastern Europe 8.7% other West European countries 7.2% US 6.8% Japan 5.3% NICs 5.3% China 2.4% OPEC 1.7% other 7.1% (1995)
Debt—external: $NA
Economic aid:
donor: ODA $9 billion (1996 est.)
Currency: like many other countries in Europe Germany now has the EURO... 1 € = 100 cent
Exchange rates: deutsche marks (DM) per US$1—1.8167 (January 1998) 1.7341 (1997) 1.5048 (1996) 1.4331 (1995) 1.6228 (1994) 1.6533 (1993)
Euro Exchange rate: 1€ = 1,29 US$ (04/25/2005)
Fiscal year: calendar year
Source - world66.com
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