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Germany escapes from recession as growth returns

Germany has escaped the clutches of its worst recession in over 60 years, official data showed on Tuesday, as consumption helped Europe's biggest economy grow by 0.3 percent in the second quarter.

Published: 25 August 2009 11:26 CEST

Germany escapes from recession as growth returns

Photo: DPA

The figures, which confirmed estimates made earlier in August, mark the first time Germany has grown since the first quarter of 2008 and are likely to boost Chancellor Angela Merkel’s campaign less than four weeks ahead of general elections on September 27.

“The economic development in the second quarter of 2009 was supported by private and government expenditure … positive impulses also came from construction,” the statistics office said in a statement.

However, exports, the driving force of the German economy, were down 1.2 percent compared to the first quarter and imports slumped by 5.1 percent.

Despite the broadly positive figures, analysts warned against any early celebrations.

Carsten Brzeski at financial institution ING said the boost in growth was mainly due to the government’s two huge stimulus packages, worth a combined €81 billion ($116 billion).

“Today’s numbers are primarily the result of the government’s economic rescue package plus some free-riding on other countries’ stimulus measures,” he said in a research note.

“The German economy is still on a drip, getting infusions from policymakers. The coming weeks and months look good but some doubts remain whether the economy can already stand on its own feet,” he said.

“The recession is over but not all that glitters is gold.”

Despite the caution, the positive growth figures are the latest in a series of economic data that suggests Germany might bounce back relatively quickly from a deep and painful recession.

Last week, a survey showed that investor confidence was soaring and business confidence is also pointing to brighter times ahead. Industrial orders have also shown impressive growth in recent months.

Merkel, whose Christian Democrats (CDU) are riding high in the polls, said recently that the worst is over for the German economy but that a bumpy road lies ahead.

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Which Bavaria-based companies regularly hire English speakers?

Munich ranks third in German cities with the highest total GDP, behind Berlin and Hamburg, but in terms of GDP per capita, it’s higher than both of them.

It also consistently ranks high, often highest, in terms of average household income.

As of 2023, nine of the 40 companies listed on DAX, Germany’s stock index, were based in Bavaria. Seven of those are based specifically in Munich.

While Frankfurt is commonly known to be Germany’s business capital, Munich can claim the title of Germany’s insurance capital, which is saying something, as Germany is home to some of the largest insurance firms in the world, like Allianz.

Beyond the state’s capital city, a number of international companies are based elsewhere in Bavaria, particularly in the Franken region, near Nuremberg.

Which companies actively hire English speakers?

Bavaria, and Munich in particular, is home to a number of companies at the forefront of international business. But the state is known for its traditional, sometimes conservative, culture, which affects its business culture as well.

Whereas companies embracing English as their primary business language are easy to find in Berlin, the practice is less common in the south. That said, there are some notable exceptions.

Sportswear giants, Adidas and Puma, both have their headquarters near Nuremberg in Herzogenaurach, and regularly recruit English speaking international talent.

“As an international company, our teams reflect the rich diversity of our consumers and communities,” Jon Greenhalgh, Senior Manager Media Relations for Adidas told The Local. “Fostering a culture of inclusion where we value and leverage differences, ensures that we can authentically engage with our employees and truly connect with our consumers.”

He added that around 40 per cent of Adidas’ Germany-based employees are foreign nationals, from over 100 different countries.

Siemens and BMW rank among Bavaria’s top employers, and are also known to hire their fair share of foreigners.

“In Germany, we recently had around 2,000 open positions,” Konstanze Somborn told The Local on behalf of Siemens AG.

He added that Siemens operates in 190 countries. “That is why we value international teams very much…English as a common language is very usual.”

READ ALSO: ‘Which German companies want to hire foreigners?’

Similarly, BMW hires workers from a variety of backgrounds.

“Every year, we hire lots of internationals and welcome them to the BMW Group,” Dr. Hans-Peter Ketterl, a press spokesman for BMW Group told The Local.

But not all of these positions are available to non-German speakers.

Ketterl added that BMW’s working language is German in the country, even though, “English is an indispensable entry requirement as the second corporate language in many areas of the company.”

Check job boards and follow best practices

If it’s your first time applying for jobs in Germany, make sure to change your resume to the German format, even for English positions.

While Germany is home to its own job boards, like Xing, LinkedIn is probably the best place to start. In addition to searching for positions based in your preferred location, you can check relevant groups, like Munich Startups, to broaden your horizons.

The English Jobs in Germany website is also a good resource to start with.

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