Munich Annual Economic Report 2017
Newly published: Abridged version in English
(Sept 29, 2017) The latest report covers the key facts and figures about Munich as a business location.
The Annual Economic Report outlines the past year's most important events and developments in the Munich economy, focusing on the labor market, the development of industry sectors, public finance, the property market and relationships between the city and the surrounding region.
An abridged (15-page) version of the report is now also available in English.
How is Munich doing?
Josef Schmid, Deputy Mayor and Head of the Department of Labor and Economic Development, presented the Annual Economic Report for the City of Munich on July 7, 2017.
“From a business perspective, Munich once again experienced very positive development last year,” Schmid explained. “That is evidenced in particular by the above-average increase in employment. Munich's strength is rooted in a combination of a very robust economy, a keen competitive edge and enviable innovation capabilities. Institutes of higher education, incumbent firms and a growing number of start-ups all play an important part in this constellation. Our aim is to safeguard and further cultivate these strengths to ensure that the city's unique qualities remain intact going forward.”
Key indicators and data in the current Annual Economic Report:
- According to current calculations by the Bavarian Office of Statistics and Data Processing, gross domestic product (GDP) stood at EUR 99.8 billion in 2014, a year-on-year increase of 4.4 percent.
- The regional economic estimates produced by the Chamber of Industry and Commerce, the Chamber of Crafts and the Department of Labor and Economic Development point to very positive development – ahead of the national and Bavarian trends – this year.
- Munich has for years boasted by far the highest purchasing power of any large German city. In 2016, the city's purchasing power rose 0.4 percent year on year and is currently 37 percent higher than the national average, at EUR 30,901 per capita.
- Local government finances are benefiting from Munich's positive economic development in recent years.
- EUR 6.5 billion flowed into the public purse in 2016, exactly the same amount as in the previous year. Tax receipts – primarily trade tax, which increased further to a new record of EUR 2.58 billion in 2016 – are the most important source of Munich's funding.
- On average for the year, 42,938 people were registered as jobless in Munich in 2016 – 2,001 fewer than a year earlier. The average unemployment rate for the year fell by 0.3 percentage points to 4.3 percent.