Diplomatic representation from the US: chief of mission: Ambassador
John C. KORNBLUM (was due to resign on 20 January 2001)
embassy: Neustaedtische Kirchstrasse 4-5, 10117 Berlin
mailing address: PSC 120, Box 1000, APO AE 09265
telephone: [49] (30) 238-5174
FAX: [49] (30) 238-6290
consulate(s) general: Duesseldorf, Frankfurt am Main, Hamburg, Leipzig, Munich
Flag description: three equal horizontal bands of black (top), red, and gold
Germany Economy
Economy - overview: Germany possesses the world's third most technologically powerful economy after the US and Japan, but structural market rigidities - including the substantial non-wage costs of hiring new workers - have made unemployment a long-term, not just a cyclical, problem. Germany's aging population, combined with high unemployment, has pushed social security outlays to a level exceeding contributions from workers. The modernization and integration of the eastern German economy remains a costly long-term problem, with annual transfers from western Germany amounting to roughly $70 billion. Growth picked up to 3% in 2000, largely due to recovering global demand; newly passed business and income tax cuts are expected to keep growth strong in 2001. Corporate restructuring and growing capital markets are transforming the German economy to meet the challenges of European economic integration and globalization in general.
GDP: purchasing power parity - $1.936 trillion (2000 est.)