Munich Annual Economic Report 2024

06. November 2024

A concise summary of Munich's Annual Economic Report presenting the city's most recent economic figures and output.

Spotlight on Munich's economy

Despite major economic challenges, Munich's economy is surprisingly robust.

Munich's economy is broad-based and particularly strong in the high-tech and digitalisation sectors. Supported by an excellently positioned science, innovation and start-up scene, Munich continues to offer excellent conditions for economic development.

In our new publication you will find economic insights and data in more detail:

Munich Annual Economic Report 2024

Photo: Referat für Arbeit und Wirtschaft

Key facts from the report

Employment at an all-time high
With 960,354 employees subject to social insurance contributions, Munich has recorded a new employment high. Despite the shortage of skilled workers, Munich companies have managed to hire more than 20,000 additional qualified workers.
Low unemployment rate
With an unemployment rate of just 4.1%, Munich is well below the average for other major cities. This is a sign of the stable labor market and high employability in our region.
Steadily rising share of academics
The proportion of academics in Munich has grown steadily and in 2023 reached 41.3%. This makes Munich an attractive location for companies looking for highly qualified specialists.
Dynamic growth in the ICT sector
The number of people employed in the information and communications sector has again increased by 4.5% to 112,747. In the last 10 years alone, employment in this sector has increased by 80%.
Highest trade tax revenues
The city's trade tax revenues also reached a new all-time high of €3.4 billion, higher than ever before.