An Interesting Overview of Economy of Germany

Economy of Germany is one of the world’s largest and most powerful economies. Boasting an enviable economy of Germany, it is characterized by low unemployment, high income levels, a skilled workforce and a broad industrial base. As many nations in Europe struggle with the economic turmoil left over from the global financial crisis that began in 2008-2009, German economic growth has sustained in the last few years. 

German GDP is currently 45065.29 billion US Dollars. German GDP per capita is expected to reach 47200 USD by the end of 2021. In long term, German GDP per capita is projected to trend around 48100 USD in 2022 and 48800 USD in 2023 according to econometric model. German gdp is averaged 34170.52 USD from 1970 until 2020. German per capita income stood at almost 46,472 USD in 2019 and is forecasted to exceed  60,000 USD by 2026. 

The Economy of Germany is fueled by its highly productive industry, with manufacturers accounting for a large percentage of economic output and employment. The German industry is one of the growing economies. The best known examples of these are the automobile makers BMW and Mercedes Benz. But engineering firms such as Siemens dominate electronics and telecommunications; chemicals firms such as BASF produce plastics; machinery manufacturers such as Daimler make cars; steel firms like ThyssenKrupp provide great opportunities for international students and domestic students as well. 

Germany has long been on the world map. The economy is built around the German industry of manufacturing. Germany growth rate has been consistently increasing. The country’s profile is onset of the imperialism to the world wars and then regeneration of one of the most robust economies of the world. German economic growth rate is built around manufacturing. 

In this article, let us look at:

  1. Economic Growth rate
  2. What does this mean for International Students?

1. Economic Growth rate

German economic growth continues to be one of the top exporters of heavy machinery, vehicles and chemicals as well. The country is also at present the fifth largest economy of the world and the largest in the European Union. Germany economic growth is at a rate of 0.6 percent. 

According to World banks Forecasts, over the next few years, Germany growth rate would be stable and show a marginal rise to 1.7 percent and then rebound to a substantial figure I the pandemic even. 

2. What does this mean for International Students?

Germany attracts a large number of international students. The excellent education system coupled with low or no tuition fee makes German universities a haven for quality education at an economical price. The students from India study at many state run universities. These universities offer an excellent study abroad destination. Adding the international courses to the universities, the country has increased in popularity for internationally bound students. 

Every student planning to study abroad aspires to find employment in the country of choice. You can plan for the long term immigration plan, post study work are a big determinant. The economic overview shows possibilities and opportunities in the popular job sectors in Germany. The more robust economy of Germany the better is the Germany growth rate and job prospects. 

The steady growth rate, though not necessarily very high, shows hope for the students planning to pursue their masters and bachelors from Germany. The opportunities in the area of specialization at present in the country, the economy shows no signs of any trouble in the coming years. 

Germany is a steady and stable economy with all positive indicators. While the forecasts for the next couple of years do show a limited growth rate of 1.5 percent. There is a strong rebound predicted by the end of 2021. This should be a positive sign for selecting Germany as a study abroad destination.

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