Saxony's Economy - A Success Story

Business Location Saxony

Already in the 18th century, the Industrial Age began in Saxony with the founding of the first machine construction companies. The region, thus, headed the field on the European mainland. The first locomotive to be designed and engineered in Germany, the first six-cylinder engine, the centrally positioned gearshift lever in automobiles – all of these pioneering innovations come from Saxony. In the mid-19th century, the industrial cities Chemnitz, Zwickau, and their suburbs were the region with Europe’s highest per-capita income.

And the success story continues: Since 1990, about 6,000 companies have set up or purchased business premises in Saxony. Saxony’s economy has increased by more than 20 percent since 2000; thus, exhibiting the second highest GDP growth rate of all German federal states. 

STRUCTURE OF SAXONY’S ECONOMY

Vibrant industrial branches form the backbone of the business venue Saxony. Its top selling branches include the automobile industry, machine and plant construction as well as the microelectronics / ICT sector.

In addition to these sectors, which essentially determine the economic structure, the business venue Saxony is also characterized by such branches as, for example, environmental / energy technology, life sciences, or rail and aerospace technology as well as such company-related service sectors as, for example, logistics or the software industry.

Learn more about Saxony's industry sectors
Diagram: Saxony's GDP 1991 - 2016

Source: Statistical Office of the Federal State of Saxony

DYNAMIC DEVELOPMENT UNDERWAY

In 2016, Saxony’s gross domestic product (GDP) amounted to almost 118.5 billion euros (at current prices; 4.3 percent more than 2015) and was generated in about 2.9 billion working hours by 2.01 million gainfully employed persons whose workplace was in the Federal State. Per working hour, this resulted in a GDP at current prices of 39.63 euros – which is equivalent to a real increase of 4.7 percent compared to the previous year. Last year’s GDP per gainfully employed person amounted to 56,379 euros which was almost 5 percent higher than in 2015.

Since 2000, Saxony’s economy has increased by more than 20 percent; it, thus, exhibits the third highest economic growth among all German federal states.

Diagram: Saxony‘s  Most Important Branches – Share of Saxony‘s Industrial Turnover (2016)

Source: Statistical Office of the Federal State of Saxony

SAXONY’S INDUSTRY IS GROWING

In 2016, Saxony's industry (enterprises with 20 and more persons employed in the manufacturing trade as well as in mining and quarrying) generated a total turnover of 63.8 billion euros; this exceeded the previous year’s value by 0.2 percent. Domestic business, thus, increased by 1.2 percent, exports by 1.4 percent. The export rate, i.e. the proportion of foreign sales of the total turnover, amounted to 37.0 percent (previous year: 37.6 percent).

The most important industrial branch continues to be the automobile industry with a share of 27 percent of all sales. It is followed by machine construction with a 12.7 percent share, the metal production sector with a 12.4 percent share as well as by the electrical engineering / microelectronics branches with a share of 11.8 percent of Saxony's industrial turnover.

   

SAXONY ACTS GLOBAL

Saxony’s foreign trade reached an export volume of 36.78 billion euros in 2016. Compared to 2015, this equals an decrease of 4 percent. In 2016 as well, Saxony’s largest export partner continued to be China. 

Saxony’s imports decreased by one percent and reached a volume of 21.84 billion euros. Almost two thirds of all imports came from EU member states, of which almost one quarter came from Saxony’s most significant import partner – the Czech Republic. 

Learn more about Saxony's foreign trade
Im Rahmen des Exzellenzclusters „cfaed“ wird auch an der Echtzeit-Interaktion von Robotern und Menschen geforscht. „Versuchsobjekt“ ist ein gestengesteuerter NAO-Roboter (im Bild), der zukünftig zum Beispiel im Haushalt helfen könnte.

Source: Dresden University of Technology / cfaed / 5G Lab Germany, photo: Matthias Hahndorf

Saxony's Innovative Power

A great plus for Saxony is its extraordinary innovative power. The region is a European "innovation leader" (source: EU’s "Regional Innovation Scoreboard").

Saxony’s researchers and entrepreneurs play a decisive role in developing intelligent solutions for everyday use in the future. Their focus is on intersectoral topics such as lightweight engineering, energy storage technologies, electromobility or organic & flexible electronics.

We support Saxony.

Prof. Ezio Bonifacio

Director, Center for Regenerative Therapies Dresden (CRTD) at Dresden University of Technology

"After having worked in London, in Perth/Australia, and in Milan, I came to Dresden in 2007. Here, I found the perfect environment for my research at the CRTD. When it comes to developing regenerative therapies, we benefit substantially from the interdisciplinary exchange. This applies both to the institute and the city’s scientific community."

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