Facts about Germany: Business and InnovationEnlarge image (© gtai)
Germany is the largest economy in the European Union (EU) and the fourth largest in the world after the USA, China, and Japan. Thanks to its innovativeness and well-established global networks, the German economy is highly competitive and successful in exports. In high-selling sectors, such as car-making, mechanical and plant engineering, the chemicals industry and medical technology, exports account for far more than half of total sales. In 2015, only China and the USA exported more goods. Germany invests around 80 billion euros annually in research and development (R&D). Many companies are well on the way to tap into new, innovative fields of business. One example is “Industry 4.0”, a project destined in particular to advance digitalisation in production engineering and logistics.
Source: Facts about Germany