Economy
As the largest city in the Rhine-Ruhr metropolitan region, Cologne benefits from a large market structure. In competition for location factors with Düsseldorf, the economy of Cologne is primarily based on insurance and media industries, while the city is also an important cultural and research centre and home to a number of corporate headquarters.
Among the largest media companies based in Cologne are Westdeutscher Rundfunk, RTL Television (with subsidiaries), n-tv, Deutschlandradio, Brainpool TV and publishing houses like J. P. Bachem, Taschen, Tandem Verlag and M. DuMont Schauberg. Several clusters of media, arts and communications agencies, TV production studios, and state agencies work partly with private and government funded cultural institutions. Among the insurance companies based in Cologne are Central, DEVK, DKV, Generali Deutschland, Gothaer, HDI Gerling and national headquarters of AXA Insurance and Zurich Financial Services.
Lufthansa, the German flag carrier, and Lufthansa CityLine have their main corporate headquarters in Cologne. The largest employer in Cologne is Ford Europe, which has its European headquarters and a factory in Niehl (Ford-Werke GmbH). Toyota Motorsport GmbH (TMG), Toyota's official motorsports team, responsible for Toyota rally cars, and then Formula One cars, has headquarters and workshops in Cologne. Other large companies based in Cologne include the REWE Group, TÜV Rheinland, Deutz AG and a number of Kölsch breweries. Cologne has the country's highest density of pubs per capita. The three largest Kölsch breweries are Reissdorf, Gaffel and Früh.
| brewery | established | annual output |
|---|---|---|
| Heinrich Reissdorf | 1894 | 650,000 |
| Gaffel Becker & Co | 1908 | 500.000 |
| Cölner Hofbräu Früh | 1904 | 440,000 |
Historically, Cologne has always been an important trade city, with land, air, and sea connections. The city has five Rhine ports, the second largest inland port in Germany and one of the largest in Europe. Cologne-Bonn Airport is the second largest freight terminal in Germany. Today, the Cologne trade fair (Koelnmesse) ranks as a major European trade fair location with over 50 trade fairs and other large cultural and sports events. In 2008, Cologne had 4.31 million overnight accommodations booked and 2.38 million arrivals. Cologne's largest daily newspaper is the Kölner Stadt-Anzeiger.
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Famous quotes containing the word economy:
“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.”
—Calvin Coolidge (1872–1933)
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—Henry David Thoreau (1817–1862)