Economy of Berlin
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.
A number of major German companies were founded in Berlin, such as Siemens, Deutsche Bank, Lufthansa, Allianz, AEG, Telefunken, Osram, Knorr-Bremse and Edeka.
Berlin was founded at a point where trade routes crossed the river Spree and it quickly became a commercial center.
The city became a leader in the manufacture of other kinds of machinery as well, and developed an important chemical industry sector.
Toward the end of the 19th century, Berlin became a world leader in the then cutting-edge sector of electrical equipment manufacturing.
In East Berlin, socialist central planners rebuilt a manufacturing sector, but one that was not competitive internationally[citation needed] or responsive to market demand.
West Berlin’s economy grew increasingly dependent on state subsidies and on its role as an educational and research center.
Berlin’s service sectors have also benefited from improved transportation and communications links to the surrounding region.
Research and development have gained significance, and Berlin was ranked among the top three innovative regions in the EU (after Baden-Württemberg and the Île-de-France in 2006.
[9] Also, the revered Berlin music scene, attracting tens of thousands of young tourists flying in for the city's famed clubs[10][11] has become an increasingly important part of the economy and is set to gain the support of the city music board modeled after the German film promotion authority.
Berlin has a yearly total of estimated 135 million day visitors, which puts it in third place among the most-visited city destinations in Europe.
[26] According to ICCA statistics in 2015 Berlin became the top organizer of conferences in the world hosting 195 international meetings.
Industries that do business in the creative arts and entertainment are an important and sizable sector of the economy of Berlin.
[33][34] The Berlin-Brandenburg capital region is one of the most prolific centers of higher education and research in the European Union.
The city has four public research universities and 27 private, professional and technical colleges (Hochschulen), offering a wide range of disciplines.
