In the 21st century, Germany is a great power with a strong economy; it has the world’s 4th largest economy by nominal GDP, and the 5th largest by PPP. As a global leader in several industrial and technological sectors, it is both the world’s third-largest exporter and importer of goods. It is a developed country with a very high standard of living sustained by a skilled and productive society. It upholds a social security and universal health care system, environmental protection, and a tuition-free university education. The Federal Republic of Germany was a founding member of the European Economic Community in 1957 and the European Union in 1993. It is part of the Schengen Area and became a co-founder of the Eurozone in 1999. Germany is a member of the United Nations, NATO, the G7 (formerly G8), the G20, and the OECD. The national military expenditure is the 9th highest in the world. Known for its rich cultural history, Germany has been continuously the home of influential and successful artists, philosophers, musicians, sportspeople, entrepreneurs, scientists, engineers, and inventors.
