Economy
Agriculture has always been a very important economic factor in Lower Saxony. Wheat, potatoes, rye, and oats as well as beef, pork and poultry are some of the state's present-day agricultural products. The north and northwest of Lower Saxony are mainly made up of coarse sandy soil that makes crop farming difficult and therefore grassland and cattle farming are more prevalent in those areas. Towards the south and southeast, extensive loess layers in the soil left behind by the last ice age allow high-yield crop farming. One of the principal crops there is sugar beet.
Mining has been an important source of income in Lower Saxony for centuries. Silver ore became a foundation of notable economic prosperity in the Harz Mountains as early as the 12th century, while iron mining in the Salzgitter area and salt mining in various areas of the state became another important economic backbone. Although overall yields are comparatively low, Lower Saxony is also an important supplier of crude oil in the European Union. Mineral products still mined today include iron and lignite.
Radioactive waste is frequently transported in the area to the city of Salzgitter, for the deep geological repository Schacht Konrad and between Schacht Asse II in the Wolfenbüttel district and Lindwedel and Höfer.
Manufacturing is another large part of the regional economy. Despite decades of gradual downsizing and restructuring, the car maker Volkswagen with its five production plants within the state's borders still remains the single biggest private-sector employer, its world headquarters based in Wolfsburg. Due to a legal act commonly known as the Volkswagen Law that has just recently been ruled illegal by the European Union's high court, the state of Lower Saxony is still the second largest shareholder, owning 20.3% of the company. Due to the importance of car manufacturing in Lower Saxony, a thriving supply industry is centred around its regional focal points. Other mainstays of the Lower Saxon industrial sector include aviation, shipbuilding, biotechnology, and steel.
The service sector has gained importance following the demise of manufacturing in the 1970s and 1980s. Important branches today are the tourism industry with TUI AG in Hanover, one of Europe's largest travel companies, as well as trade and telecommunication.
Read more about this topic: Lower Saxony
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)