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Germany: Executive Summary |
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Germany
Executive Summary
Germany
is the fourth largest economy in the world and
accounts for 20% of GDP in the EU. In 2009 Germany
was the world's third largest exporter with exports
totalling EUR803bn.
Germany
has attracted EUR460bn in foreign investment and
45,000 foreign companies have made Germany their
base. This includes 39 of the Fortune Global 500.
US investment in Germany was EUR45bn in 2006.
Almost 70% of the workforce is employed by small
to medium sized companies specialising in engineering,
biotechnologies and renewable energy.
Germany
hosts two thirds – just under 160 - of the
world’s industry trade fairs which attract
around 10m visitors annually.
Corporate
income tax is 15% plus an additional 5.5% solidarity
surcharge. This surcharge was introduced to support
and develop growth and living standards in the
former East Germany. There is also a local corporate
income tax known as the trade tax. The highest
personal income tax rate is 45%.
Germany
is a social welfare state and over 27% of GDP
is spent on health and social care.
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