Germany is the largest national economy in Europe, the fourth largest by nominal GDP in the world, and ranked fifth by GDP (PPP) in 2008.[81] Since the age of industrialisation, the country has been a driver, innovator, and beneficiary of an ever more globalised economy. Germany is the world's top exporter with $1.133 trillion exported in 2006 (Eurozone countries are included) and generates a trade surplus of €165 billion.[82] The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Most of the country's products are in engineering, especially in automobiles, machinery, metals, and chemical goods.[1] Germany is the leading producer of wind turbines and solar power technology in the world. The largest annual international trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, and Berlin.[83]
Of the world's 500 largest stock market listed companies measured by revenue, the Fortune Global 500, 37 companies are headquartered in Germany. In 2007 the ten biggest were Daimler, Volkswagen, Allianz (the most profitable company), Siemens, Deutsche Bank (2nd most profitable company), E.ON, Deutsche Post, Deutsche Telekom, Metro, and BASF.[84] Among the largest employers are also Deutsche Post, Robert Bosch GmbH, and Edeka.[85] Well known global brands are Mercedes Benz, SAP, BMW, Adidas, Audi, Porsche, Volkswagen, and Nivea.[86]
Germany is a strong advocate of closer European economic and political integration, and its commercial policies are increasingly determined by agreements among European Union (EU) members and EU single market legislation. Germany uses the common European currency, the euro, and its monetary policy is set by the European Central Bank in Frankfurt. Even after the German reunification in 1990, the standard of living and annual income remains significantly higher in the former West German states.[87] The modernisation and integration of the eastern German economy continues to be a long-term process scheduled to last until the year 2019, with annual transfers from west to east amounting to roughly $80 billion. The overall unemployment rate has consistently fallen since 2005 and reached a 15-year low in June 2008 with 7.5%. The percentage ranges from 6.2% in former West Germany to 12.7% in former East Germany. The former government of Chancellor Gerhard Schröder launched a comprehensive set of reforms of labour market and welfare-related institutions while the current government runs a restrictive fiscal policy and has cut regular jobs in the public sector.
