Economy of Berlin

Economy of Berlin

The economy of the city is mainly based on the service sector. The ICC and the Funkturm are part of the city's exhibition and congress center.

In 2009, the nominal GDP of the citystate Berlin experienced a growth rate of 1.7% (-3.5% in Germany) and totaled €90.1 (~$117) billion.[63] Berlin's economy is today dominated by the service sector, around 80% of all companies are operating in this field. The unemployment rate steadily decreased in the last decade and reached a 13 year-low in 2008; As of April 2010 it was at 14.2% (German average: 7.9%).

Among the Fortune Global 500 and the 30 German DAX companies, Siemens (sharing its seat with Munich) controls a headquarter in Berlin. The state-owned firm Deutsche Bahn has its headquarters in Berlin as well. A multitude of German and international companies established secondary departments or service offices in the city. Among the 20 largest employers in Berlin are the railway company Deutsche Bahn, the hospital company Charité, the local public transport company BVG, the service provider Dussmann and the Piepenbrock Group. Daimler manufactures cars, and BMW builds motorcycles in Berlin. Bayer Schering Pharma and Berlin Chemie are major pharmaceutical companies headquartered in the city. The second most important German airline Air Berlin and the rail company Deutsche Bahn are headquartered in Berlin.[64][65] In Germany, Universal Music is headquartered in Berlin as well.

Fast-growing sectors are communications, life sciences, mobility and services with information and communication technologies, media and music, advertising and design, biotechnology and environmental services, transportation and medical engineering.[66] The Science and Business Park of Berlin-Adlershof is among the 15 largest technology parks worldwide. Research and development have established economic significance, and the Berlin Brandenburg region ranks among the top three innovative regions in the EU.[13][67]






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