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Blog | 23. Januar 2018

THE BERLIN ECONOMY: GROWTH IN THE FAST LANE

Berlin’s economy has proven itself hard to beat. Companies in Germany’s capital have been driving the city’s impressive rate of economic growth for years now. And the trend is set to continue throughout 2018 – starting with 2.7 percent growth in the first quarter of the new year. Economists at Berlin’s Investment Bank (IBB) have forecast economic growth of 2.5 percent for the year as a whole. In comparison, gross domestic product is expected to grow by 2.3 percent on average across Germany as a whole, which would match the rate of growth for 2017. Berlin’s economy outperformed initial expectations again and again last year, forcing the Ministry of Finance to repeatedly raise its growth forecasts.

Employees in the City on the Spree are playing an important role in ensuring that annual gross domestic product has been above EUR 100 billion every year since 2010. In 2016, gross value added amounted to approximately EUR 129 billion. Hamburg, to provide another example, achieved EUR 110 billion. Current figures strongly indicate that Berlin broke through the EUR 130 billion mark for the first time in 2017 – although precise figures have not yet been published. In any case, the trend is clearly pointing in one direction: upwards.

 

THE DIGITAL ECONOMY AS A JOB CREATION MACHINE

The city’s strong construction industry is combining with booming trade, hospitality and tourism sectors to contribute to the city’s economic success. However, the shooting stars of Berlin’s economy are to be found in the information and communication sectors. One in seven new jobs in Berlin is now created in the booming digital economy, which is attracting more and more start-ups to the banks of the Spree. The Senate Department for Economic Affairs, Energy and Business is committed to establishing a strong network of companies, and offers a wide range of subsidy programs.

Berlin’s impressive growth has driven unemployment ever lower. In the third quarter of 2017 alone, employment was nearly 55,000 higher than at the same time in 2016 – an increase of 2.9 percent. The Federal Employment Agency expects that less than 160,000 Berliners will be classed as unemployed in the first six months of 2018 – a figure that was beaten for the very first time in December. During 2017 as a whole, unemployment in Berlin averaged 168,991 – the lowest level since figures began in 1991.

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Blog | 23. Januar 2018

THE BERLIN ECONOMY: GROWTH IN THE FAST LANE

Berlin’s economy has proven itself hard to beat. Companies in Germany’s capital have been driving the city’s impressive rate of economic growth for years now. And the trend is set to continue throughout 2018 – starting with 2.7 percent growth in the first quarter of the new year. Economists at Berlin’s Investment Bank (IBB) have forecast economic growth of 2.5 percent for the year as a whole. In comparison, gross domestic product is expected to grow by 2.3 percent on average across Germany as a whole, which would match the rate of growth for 2017. Berlin’s economy outperformed initial expectations again and again last year, forcing the Ministry of Finance to repeatedly raise its growth forecasts.

Employees in the City on the Spree are playing an important role in ensuring that annual gross domestic product has been above EUR 100 billion every year since 2010. In 2016, gross value added amounted to approximately EUR 129 billion. Hamburg, to provide another example, achieved EUR 110 billion. Current figures strongly indicate that Berlin broke through the EUR 130 billion mark for the first time in 2017 – although precise figures have not yet been published. In any case, the trend is clearly pointing in one direction: upwards.

 

THE DIGITAL ECONOMY AS A JOB CREATION MACHINE

The city’s strong construction industry is combining with booming trade, hospitality and tourism sectors to contribute to the city’s economic success. However, the shooting stars of Berlin’s economy are to be found in the information and communication sectors. One in seven new jobs in Berlin is now created in the booming digital economy, which is attracting more and more start-ups to the banks of the Spree. The Senate Department for Economic Affairs, Energy and Business is committed to establishing a strong network of companies, and offers a wide range of subsidy programs.

Berlin’s impressive growth has driven unemployment ever lower. In the third quarter of 2017 alone, employment was nearly 55,000 higher than at the same time in 2016 – an increase of 2.9 percent. The Federal Employment Agency expects that less than 160,000 Berliners will be classed as unemployed in the first six months of 2018 – a figure that was beaten for the very first time in December. During 2017 as a whole, unemployment in Berlin averaged 168,991 – the lowest level since figures began in 1991.

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