Germany is the EU’s largest economy. It has a strong manufacturing base – especially in the automotive sector – with several German companies numbering amongst the world’s leading manufacturers. Other important sectors are wholesale & retail trade or health & social care. The German economy benefits from a highly skilled workforce, with the dual system of vocational education and training considered an important pillar of Germany’s competitiveness.
The German labour market recently performed very well, with high employment rate and strong job growth. But age challenge is particularly strong in Germany, with over one third of working age population being 50 or older. The employment is expected to increase slightly in the future and majority of jobs demand will consist of replacements of retiring workers. Over the period to 2030, most employment growth is expected in accommodation & food, energy supply services and transport & storage. Most demanded jobs will require medium-level qualifications: for example legal & social associate professionals and customer clerks.