Gross domestic product – the total value of goods produced and services provided – grew nominally in Hamburg 3.9 per cent in 2015 over 2014 (in current prices). After considering the price changes, this resulted in real economic growth of 1.9 per cent, according to the Northern Statistical Office on Wednesday. The result means Hamburg is slightly above the nationwide German result of real growth at 1.7 per cent.
Clear growth in production industry
Producing economic sectors in Hamburg experienced very clear growth and far stronger growth impulses compared to developments across Germany. Production industries, not including construction, had a nominal increase of 6.7 per cent and a real increase of 4.3 per cent over 2014. The manufacturing industries accounted for a nominal increase of 5.1 per cent and a real increase of 2.6 per cent. Growth in Hamburg’s building sector came nominally to 9.8 per cent and a real increase of 3.9 per cent.
Hospitality industry benefiting from tourist boom
The service sector in Hamburg had a nominal increase of 3.2 per cent and real growth of 1.3 per cent and was slightly less dynamic than the German average. Although the hospitality industry’s very pronounced growth shows the sector is still profiting from the tourist boom in Hamburg, other service sectors such as wholesale had only moderate growth or experienced a downward trend. Retail and the automobile trade saw clear growth.
Economic structure boosts growth
Senator Frank Horch expressed satisfaction with the continued growth of Hamburg’s economy. “Hamburg is economically strong. The location is characterised by medium-sized business and has a broad, diversified economic structure that sends strong growth impulses. The senate’s economic policy is fostering these strengths and is expanding the most important future fields with it’s cluster policy at the same time. The figures presented today on economic growth prove the capability of companies in Hamburg.”