Pros And Cons Of Macroeconomics In Germany

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Macroeconomics in Germany Germany, one of Europe’s largest countries, is a country consisting of many landscapes. The landscapes in Germany consist of vast plains, steep mountains, and thickly forested hills. Germany is famed for its technological advancements and its high level of industrialization. The economic status of Germany has been in excellent standing since World War II due to the country’s dominant export industries, fiscal discipline and consensus-driven industrial relations and welfare policies (Germany Country Profile, 2012). Germany has a mixed economy, meaning that they use a combination of different types of economies to benefit their own. The mixed economy of Germany comes with both the pros and the cons of each economy.…show more content…
The Gross Domestic Product (GDP) of Germany has continually increased, creating a positive slope when the data is graphed. As of 2016, Germany’s economy produced over three trillion dollars as measured by GDP (GDP (Current US$,2018)). Germany, as a percent of the world’s economy, represents about five and a half percent as of 2016 (Trading Economics, 2018). The history of Germany’s GDP dates to the 1970s, when it was their lowest recorded GDP of about two hundred and fifteen billion dollars. From the 1970s until 2016, Germany averaged about one thousand nine hundred billion dollars and reached an all-time high in 2014 with a GDP of about three thousand and nine hundred billion dollars (Trading Economics, 2018). Although Germany has maintained an overall good economic standing, there was low points. Being that Germany highly depends on exported goods, the financial crisis of 2008 took a toll on their economy and prompted a recession. Luckily, the country upped its exports and by 2010 Germany’s economy made a comeback. Industry sectors contributing to Germany’s overall GDP differ but include: services, agriculture, and industry. Services, which includes finance, transportation, government…show more content…
As of 2016, Germany had exported over one point three trillion dollars and imported over one trillion dollars in net exports; resulting in a positive trade balance of about two hundred and seventy billion dollars (Germany, 2018). The top export destinations of Germany consist of the United States, France, the United Kingdom, the Netherlands, and China. The top items being exported are cars, vehicle parts, planes, medicaments and helicopters. The top import destinations are the Netherlands, France, Belgium, Italy, and China (Germany, 2018). The materials being imported consist of unspecified items, cars, vehicle parts, crude petroleum and medicaments. Over the course of the last five years, the imports and exports of Germany have annually increased (Germany, 2018). The most recent exports being led by cars, and imports being led by unspecified

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