10 reasons why you should be doing business in Germany

Date: 29/08/2018
Author: GMCC Associate John Carroll
Company: GMCC

  1. Germany is the largest trading nation in Europe with a population of almost 83 million.
  2. The German economy is booming and the unemployment rate is low at approx. 3.5%. The German economy continues to grow at a predicted rate of 1.8 percent. In several of the 16 German states (particularly in the south of Germany), the de-facto unemployment rate is practically zero.

  3. Consumption in Germany is buoyant. The long-standing zero interest financial policy of the ECB has led to a change in mentality for many Germans. The traditional focus on saving money in a bank account or life assurance policy has changed for many to a focus on property (leading to a boom in property pricing) and consumption.

  4. Proven success: The top three imports to Germany are firstly machines, engines and pumps, secondly electronic equipment and thirdly vehicles. However, the service sector has also seen a rise in imports with the services top three including commercial services, other business services and travel services. Additionally, services are being demanded via online platforms.

  5. The latest figures from the Bundesbank highlight the strong bilateral British-German trade. It is the fourth largest of all German bilateral trade relationships (after the US, the Netherlands and France).

  6. UK good and services are successful in Germany. UK exports to Germany of goods amounted to approx. € 40 billion in 2017.  UK services exports to Germany were around € 25 billion.

  7. Germany is an excellent place to grow your business throughout continental Europe as Germany shares a border with nine different countries, in all directions – north, south, east and west.

  8. Secure legal situation. The German legal system is highly regarded amongst investors. This ensures a secure investment framework.

  9. Germany is famous for its focus on innovation. Innovative products and services from the UK have a higher chance of succeeding in Germany.

  10. The Greater Manchester Chamber of Commerce can give precise support on doing business in Germany – with business associates based in Germany that can give direct, focused advice.

If you’d like to learn more about my experience, please see my bio here or email exportbritain@gmchamber.co.uk for more information.