Financial Services
The financial sector plays a fundamental role in the proper functioning of the economy and is an important key infrastructure. The financial resources required in a modern national economy can only be provided by the presence of a stable financial system.
Germany is the largest national economy in Europe, has an AAA ranking – thanks to its outstanding financial economy which acts as the “backbone“ of the real economy, accompanying and supporting further growth and development.
Germany is the largest market in Europe and the gateway to the European Union (EU). Thanks to EU passporting, financial service providers based in one EU member state can easily access all other EU markets - the European single financial market.
Thanks to the EU single market, financial institutions based in Germany can do business from anywhere in the EU and have direct access to one of the most important global economic areas (GDP EUR 13,928 billion and over 446 million consumers in the EU-27 region).
BaFin, the Federal Financial Supervisory Authority, is an important partner within the financial services industy. The German financial regulator provides internationally accepted and recognized technology-neutral regulation. Germany provides international financial service providers with attractive location conditions for the development of their European business.
Financial services and insurance providers contributed around EUR 119 billion to GDP in 2019 – equivalent to almost four percent of total domestic GDP. The financial services and insurance sector employs a workforce of around 1.2 million people in Germany.
