Economy
NRW.INVEST
In the 1950s and 1960s, Westphalia was known as Land von Kohle und Stahl or the land of coal and steel. In the post-WWII recovery, the Ruhr was one of the most important industrial regions in Europe, and contributed to the German Wirtschaftswunder. As of the late 1960s, repeated crises led to contractions of these industrial branches. On the other hand, producing sectors, particularly in mechanical engineering and metal and iron working industry, experienced substantial growth. Despite this structural change and an economic growth which was under national average, the 2007 GDP of 529.4 billion euro (21.8 percent of the total German GDP) made the land the economically most important in Germany, as well as one of the most important economical areas in the world. Of Germany’s top 100 corporations, 37 are based in North Rhine-Westphalia. On a per capita base, however, Northrhine-Westphalia remains one of the weaker among the Western German states. As of November 2010, the unemployment rate is 8.1%, second highest among all western German states.
North Rhine-Westphalia attracts companies from both Germany and abroad. In 2009, the state had the most foreign direct investments (FDI) anywhere in Germany. Around 13,100 foreign companies from the most important investment countries control their German or European operations from bases in North Rhine-Westphalia.
There has been many changes in the state's economy in recent times. Among the many changes in the economy, employment in the creative industries is up while the mining sector is employing fewer people. Industrial heritage sites are now workplaces for designers, artists and the advertising industry. The Ruhr region, formerly known as the "land of coal and steel" (Land von Kohle und Stahl), has – since the 1960s – undergone a significant structural change away from coal mining and steel industry. Many rural parts of Eastern Westphalia, Bergisches Land and the Lower Rhine ground their economy on "Hidden Champions" in various sectors.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“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)