Munich economy spring report

Munich’s economy, like the German economy as a whole, faces ongoing economic challenges. However, the latest figures show that on balance Munich’s economy remains strong.

Munich’s economy is not immune to the challenges currently facing the German economy.

A few key points:

• The unemployment rate for 2023 rose slightly to 4.1 percent. The Bavarian capital continues to enjoy the lowest unemployment rate among major German cities.
• The number of employees in socially insured jobs rose to 960,000 – a new record high.
• Information and communications is the most important growth sector.

Clemens Baumgärtner, Head of the Department of Labor and Economic Development: “The Bavarian capital is home to strong high-tech and digitalization sectors, and also has a diverse and thriving mix of industries and companies. Munich’s excellent research, innovation and startup scene offers the ideal environment for the region’s ongoing successful economic development.”

Our brochure offers a compact and comprehensive visual overview of the latest trends and developments in Munich’s diverse economy.