Munich
Economy of Munich
Germany is one of the world's most advanced market economies. It is the world's third largest economy in USD exchange-rate terms, the fifth largest by purchasing power parity (PPP) and the largest economy in Europe.
The story for Munich is just as flattering. Compared to other German cities, Munich has the strongest economy and also boasts of the lowest unemployment rate (5.6 %). It is the economic centre of southern Germany and is considered a global city. Hardly surprising that it is home to the headquarters of Siemens AG (electronics), BMW (car), MAN AG (truck manufacturer, engineering), Linde (gases), Allianz (insurance) and Munich Re (re-insurance). Among German cities with more than 500,000 inhabitants purchasing power is highest in Munich (26.648 Euros per inhabitant) as of 2007.
Munich is also a centre for biotechnology, software and other service industries. Aircraft engine manufacturer MTU Aero Engines, the space and defence contractor EADS, the injection molding machine manufacturer Krauss-Maffei, the camera and lighting manufacturer Arri, the semiconductor firm Infineon Technologies, the DRAM company Qimonda, as well as many foreign companies like Precision Plus, McDonald’s and Microsoft have their German or European headquarters in Munich.
In the finance sector, Munich is home to Hypo Vereinsbank, Bayerische Landesbank and insurance companies like Allianz and Munich Re.
Munich has earned itself the reputation of being Europe’s publishing capital. It is home to the Süddeutsche Zeitung, one of Germany's largest daily newspapers. It also plays host to Germany's largest public broadcasting network, ARD, and its largest commercial network, Pro7-Sat1 Media AG and the Burda publishing group. One of Europe's biggest and most famous movie production studios, the Bavaria Film Studios is also located in the suburb of Grunwald.
Lufthansa has opened a second hub at Munich's Franz Josef Strauss International Airport, the second-largest airport in Germany, after Frankfurt International Airport.
Sources
Update 2/04/2008
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