Economy
Munich has the strongest economy of any German city and the lowest unemployment rate (5.6%) of any German city with more than a million people (the other ones being Berlin, Hamburg and Cologne). The city is also the economic centre of southern Germany. The initiative “Neue Soziale Marktwirtschaft (INSM)” (New Social Market Economy) and the “WirtschaftsWoche” (Business Weekly) magazine awarded Munich the top score in their comparative survey for the third time in June 2006. Munich topped the ranking of the magazine “Capital” in February 2005 for the economic prospects between 2002 and 2011 in sixty German cities. Munich is considered a global city and holds the headquarters of Siemens AG (electronics), BMW (car), MAN AG (truck manufacturer, engineering), Linde (gases), Allianz (insurance), Munich Re (re-insurance), and Rohde & Schwarz (electronics). Among German cities with more than 500,000 inhabitants purchasing power is highest in Munich (26,648 euro per inhabitant) as of 2007. In 2006, Munich blue-collar workers enjoyed an average hourly wage of 18.62 euro (ca. $ 23).
The breakdown by cities proper (not metropolitan areas) of Global 500 cities listed Munich in 8th position in 2009. Munich is also a centre for biotechnology, software and other service industries. Munich is also the home of the headquarters of many other large companies like the aircraft engine manufacturer MTU Aero Engines, the space and defence contractor EADS (headquartered in the suburban town of Ottobrunn), the injection molding machine manufacturer Krauss-Maffei, the camera and lighting manufacturer Arri, the semiconductor firm Infineon Technologies (headquartered in the suburban town of Neubiberg), lighting giant Osram, as well as the German or European headquarters of many foreign companies like McDonald’s and Microsoft.
Munich has significance as a financial centre (second only to Frankfurt), being home of HypoVereinsbank and the Bayerische Landesbank. It outranks Frankfurt though as home of insurance companies like Allianz and Munich Re.
Munich is the largest publishing city in Europe and home to the Süddeutsche Zeitung, one of Germany's largest daily newspapers. Munich is also home to Germany's largest public broadcasting network, ARD, and its largest commercial network, Pro7-Sat1 Media AG, is home to the headquarters of the German branch of Random House, the world's largest publishing house, and is also host to the Burda publishing group.
The Bavaria Film Studios are located in the suburb of Grünwald. They are one of Europe's biggest and most famous film production studios.
Lufthansa has opened a second hub at Munich's Franz Josef Strauss International Airport, the second-largest airport in Germany, after Frankfurt International Airport.
Read more about this topic: Education In Munich
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)