Economy
Chemnitz is the largest city of the Chemnitz-Zwickau urban area and is one of the most important economic areas of Germany's new federal states. Chemnitz had a GDP of about €6.3 billion in 2004. Since about 2000, the city's economy has recorded high annual GDP growth rates; Chemnitz is among the top ten German cities in terms of growth rate. The local and regional economic structure is characterized by medium-sized companies, with the heavy industrial sectors of mechanical engineering, metal processing, and vehicle manufacturing as the most significant industries.
Over several years, the unemployment rate has steadily decreased to 13.9% (July 2007). About 100,000 people are employed, of whom about 46,000 commute from other municipalities. 16.3% of employees in Chemnitz have a university or college degree, twice the average rate in Germany.
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Famous quotes containing the word economy:
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“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
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