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Economy steams towards record growth

Germany's booming economy will expand this year at a rate not seen since reunification, the country's top economic institutes said on Thursday.

Economy steams towards record growth
Photo: DPA

In their twice-yearly report, the institutes more than doubled their previous forecast for Europe’s top economy, projecting output growth of 3.5 percent in 2010, dropping to 2.0 percent next year.

This would be the strongest growth since European Union records began and the best rate since the post-reunification boom in 1991.

The positive economic performance is expected to cut unemployment numbers to below the psychologically significant three-million mark next year for the first time since 1992, the institutes added.

“The German economy is in an upswing. It is on good track to make up for the fall in production caused by the crisis,” the report said.

Speaking in Japan, where he is on an Asian tour, Economy Minister Rainer Bruederle welcomed the latest projections, saying they “confirmed the opinion of the government that we are enjoying a powerful upswing.”

Germany, the world’s second-biggest exporter after China, was hit hard by the financial crisis, as demand for its goods dried up around the world. It suffered the worst recession for 60 years in 2009, with output shrinking 4.7 percent.

In further good news for Chancellor Angela Merkel, the institutes projected that Germany’s public deficit would be 2.7 percent of gross domestic product (GDP) in 2011, dropping below the EU’s three-percent limit.

This would make Germany the first major eurozone country to get below the three-percent bar.

Spain and France both forecast a deficit of six percent of GDP in 2011 and Italy 3.9 percent, according to their governments.

Merkel’s centre-right government currently forecasts 1.4 percent growth this year, but ministers have indicated that the projection will be raised when fresh estimates are released on October 21.

AFP/mry

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WORKING IN GERMANY

Which Bavaria-based companies regularly hire English speakers?

Bavaria is no doubt a beautiful state with a strong economy, but can be a hard place for non-German speakers to integrate. The Local takes a look at job opportunities in Germany’s southeastern 'Free State.'

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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