Germany has a population of 83.8 million people. The country’s gross national income in 2019 was 48,520 USD per capita. Now let’s take a look at the German workforce. Germany has a labor force of 43.6 million people. The unemployment rate was last recorded at 4.2%. The service sector provides jobs for seven out of ten workers and 27% are employed in industry.
Germany exported goods worth 1.49 trillion(that’s equal to 39% of GDP), while importing goods worth 1.24 trillion, and thus recorded trade surplus of 250 billion USD in 2019.
Germany’s top export product groups are machinery including computers, vehicles, electrical machinery and equipment, pharmaceuticals, as well as optical, technical and medical apparatus. The country’s top trading partners are the United States, France, China, the Netherlands, the United Kingdom, Italy and Poland. Germany’s trade surplus with the United States was 53 billion dollars in 2019.
Overall, considering goods and services, exports accounted for 47% of Germany’s GDP, while imports were equal to 41% of GDP. With a nominal GDP of 3.85 trillion USD in 2019, Germany is the strongest economy in Europe and the world’s fourth largest. Germany recorded a budget surplus for the sixth year in a row, equal to 1.4% of GDP in 2019.
Its government debt is equal to 59.8% of gross domestic product. Germany’s economy is projected to contract by more than 7% in 2020.
United States of America
The United States’ population of 331 million people is growing by around 0.6 percent annually. The country’s gross national income in 2019was 65,760 USD per capita, clearly above Canada’s standard of living. Now let’s take a look at the US workforce. The Unites Sates has a labor force of 166million people. The unemployment rate jumped from 3.5% in February to 11.1% in June 2020 as the coronavirus pandemic took hold and hit the economy.
Agriculture employs slightly more than one percent of the labor force. Almost four fifths of the workforce is working in the service sector and one fifth in industry. The United Sates imported goods worth 2.57trillion in 2019, while only exporting goods worth 1.65 trillion which resulted in a huge trade deficit of ~920 billion US dollars. The top five export product groups are machinery including computers; mineral fuels including oil; electrical machinery and equipment; aircraft, spacecraft; and vehicles. Together these top five export product categories represent slightly more than half of all exports.
The country’s top trading partners are Canada, Mexico, and China. The United States trading volumes with Japan, the United Kingdom, Germany and South Korea are also significant.
One third of exports are shipped to Canada and Mexico. The trade with Canada is pretty balanced. The trade deficit with Canada is around 35billion and that with Mexico is 105 billion but the United Sates’ trade deficit with China is 366 billion. Almost one fifth of all imports or 472 billion dollars come from China. By the way, the United States actually has a trade surplus in services of 250 billion.
Total imports of goods and services represent around 15% of GDP, while total exports account for 12% of GDP. The United States has the largest economy in the world in terms of nominal GDP. Its nominal GDP in 2019 was 21.4 trillion dollars. The United States recorded a very large budget deficit equal to 4.6% of GDP in 2019, while its economy only grew by 2.3%.
The United States is already one of the most indebted countries in the world. Its government debt is equal to 107%of GDP. The United States’ economy is projected to contract by eight percent in 2020.
India’s population of 1.38 billion people – the world’s second largest – is still growing by around 1 percent annually. The country’s gross national income in 2019 was $2,130 USD per capita. Now let’s take a look at the Indian workforce. India has a huge labor force of almost half a billion people.
The unemployment rate was last recorded at 11%. Agriculture provides jobs for 42% of the workforce. Slightly more than a quarter is employed in industry, while the service sector accounts for less than a third of jobs. India exported goods worth 323 billion, while importing goods worth 479 billion, and therefore recorded a very large trade deficit of 156 billion USD in 2019. India’s top export product groups are mineral fuels including oil; gems and precious metals; machinery including computers; organic chemicals; vehicles and pharmaceuticals.
The country’s top trading partners are the United States, the United Arab Emirates, China and Hong Kong as well as Singapore. India has huge trade deficits with Saudi Arabia and Iraq since its economy relies heavily on oil imports. Mineral fuels including oil accounted for almost 110 billion of India’s total trade deficit. With a nominal GDP of $2.88 trillion USD in2019, India is the world’s fifth largest economy after Germany.
India recorded a budget deficit equal to 4.6% of the country’s gross domestic product in the 2019-2020 fiscal year, while its economy grew more slowly by 4.2%. The government debt of India is equal to 69.6% of GDP. India’s economy is projected to contract by 4.5% in 2020.
Mexico’s population of 129 million people is growing by over 1 percent annually. The country’s gross national income in 2019 was 9,430 USD per capita. Now let’s take a look at the Mexican workforce. Mexico has a labor force of 57 million people. The unemployment rate was last recorded at 2.9%. Agriculture employs 13% of the labor force.
Over a quarter is working in industry, while the service sector provides jobs for 61% of the workforce. Mexico’s trade in goods is very balanced. Mexico exported goods worth 472 billion, while importing goods worth 467 billion, and thus Mexico had a small trade surplus of five billion US dollars in 2019. 60% of Mexico’s exports consist of vehicles; electrical machinery and equipment; and machinery including computers.
Mexico’s most important trading partner, unsurprisingly, is the United States which is the destination for more than three quarters of all exported goods. Mexico’s trade surplus with the United States was almost 153 billion in 2019.
However, Mexico is buying twelve times more goods from China, which is why its trade deficit with China is over 76 billion. With a nominal GDP of 1.26 trillion US dollars, Mexico is the second largest economy in Latin America.
Mexico recorded a budget deficit equal to1.6% of GDP in 2019. Its government debt is equal to 45.5% of GDP. Mexico’s economy is projected to contract by over ten percent in 2020.