The economy of Germany is a highly developed social market economy. It has the largest national economy in Europe, the third-largest by nominal GDP in the world, and fifth by GDP (PPP). Due to a volatile currency exchange rate, Germany's GDP as measured in dollars fluctuates sharply. In 2017, the country accounted for 28% of the euro area economy according to the International Monetary Fund (IMF). Germany is a founding member of the European Union and the eurozone.
In 2016, Germany recorded the highest trade surplus in the world, worth $310 billion. This economic result made it the biggest capital exporter globally. Germany is one of the largest exporters globally with $1.81 trillion worth of goods and services exported in 2019. The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports accounted for 50.3% of national output. The top 10 exports of Germany are vehicles, machinery, chemical goods, electronic products, electrical equipment, pharmaceuticals, transport equipment, basic metals, food products, and rubber and plastics. The economy of Germany is the largest manufacturing economy in Europe, and it is less likely to be affected by a financial downturn. Germany conducts applied research with practical industrial value and sees itself as a bridge between the latest university insights and industry-specific product and process improvements. It generates a great deal of knowledge in its own laboratories. Among OECD members, Germany has a highly efficient and strong social security system, which comprises roughly 25% of GDP. (Full article...)