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Krupp engineers are also in Russia discussing details of a $3,000,000 synthetic-fiber and chemical plant now on Krupp's order books. In Greece the firm is building a $23 million oil refinery near Athens, is interested in setting up a steel plant to tap Greece's rich ore deposits. Kruppmen are at work on yet another steel plant in Pakistan. Other projects, from bridges to whole new industrial areas, are being pushed in Spain, Thailand, Bolivia, South Africa, Indonesia.
Gardens & Statues. Krupp's amazing comeback symbolizes the thrust, determination and vigor that have made West Germany one of the most prosperous nations in Europe, industrially the world's fourth most powerful. The energy and ingenuity of German industry has more than doubled the country's industrial production since 1950. Last year Germany manufactured more than 1,000,000 trucks and autos, became the world's second largest automaker. Steel output reached 2,000,000 tons a month for the first time, exceeding that of Hitler's Reich in 1938 and pushing Germany into first place in Europe, third in the world. Since 1951, Germany has jumped from fourth to second place in shipbuilding. Thanks to huge exports of $7.5 billion last year, gold and foreign-exchange reserves total $4.6 billion, more than triple West Germany's 1953 reserve and half again as much as the reserves of the entire sterling area.
Germany's unemployment rate is one of the world's lowest, and its workers' wages are up 60% over 1950 levels, 40% over 1953. Last year workers bought 157,000 new cars (v. 98,400 in 1955), plus 127,000 scooters and motorcycles. Food stores are jammed with goods; meat consumption is up 30% over 1950. This summer German tourists are traveling around Europe in record numbers, flashing hard currency with an abandon once reserved for Americans.
Part of the secret of West Germany's industrial recovery is the climate of free enterprise created by Economics Minister Ludwig Erhard. He has also pushed tax concessions and government-backed credits for exports, trimmed away many of the restrictions that plague business in other European countries. Today, 90% of all the goods flowing into West Germany from the dollar area have no import quotas v. 67% three years ago. Although there are some limits on foreign investment by German businessmen, they are so high as to be almost meaningless.