Germany has a social market economy characterized by a highly qualified labour force, a developed infrastructure, a large capital stock, a low level of corruption, and a high level of innovation.
Germany is the largest national economy in Europe, the fourth-largest by nominal GDP in the world. Since the age of industrialization and beyond, the industrial capitalism, the country has been a driver, innovator, and beneficiary of an ever more globalised economy. Germany is the world's second largest exporter with $1.408 trillion exported in 2011. Exports account for more than one-third of national output.
The service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%.
Most of the country's products are in engineering, especially in automobiles, machinery, metals, and chemical goods. Germany is the leading producer of wind turbines and solar power technology in the world. The largest annual international trade fairs and congresses are held in several German cities such as Hanover, Frankfurt, and Berlin. Combination of service-oriented manufacturing, links between industry and academia, international cooperation and SME contribute to the overall competitiveness of the economy of Germany.