Berlin is the capital city of Germany – the 3rd largest national economy in the world by nominal GDP. It is part of the European Union and the eurozone. Berlin is a major international center of business founders, research, tourism and creative industries.
The economy of Berlin is dominated by the service sector, with around 84% of all companies doing business in services. Important economic sectors in Berlin include life sciences, transportation, information and communication technologies, media and music, advertising and design, biotechnology, environmental services, construction, e-commerce, retail, hotel business, and medical engineering.[1]
Berlin became one of the largest and most advanced industrial centers in Europe after 1870. After 1900 the Berlin banking district became a major continental financial center and was home to a number of prominent banks. After the end of World War II in 1945 and the subsequent political divisions, the city's location inside of East Germany led to an exodus of many major firms to West Germany. Berlin's economy has been affected through the years by the city's changing geopolitical fortunes from 1961-1989. The city stagnated economically during the Cold War, when West Berlin was isolated geographically and East Berlin suffered from poor economic decisions made by East Germany’s socialist central planners. Furthermore, few East German companies survived the collapse of the GDR and the attempt to privatize them through the Treuhandanstalt.
After German reunification in 1990 large service, technology and creative sectors re-established in the city. A number of companies have re-opened secondary corporate headquarters or satellite offices in Berlin. A number of major German companies were founded in Berlin, such as Siemens, Deutsche Bank, Lufthansa, Allianz, AEG, Telefunken, Osram, Knorr-Bremse and Edeka.
^"Poor but sexy". The Economist. 21 September 2006. Retrieved 19 August 2008.
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