“The motor of Hamburg’s economy continues to fire on all cylinders despite the ongoing Euro crisis,” says Dirck Suess, Director of the Economic Policy Department at the Hamburg Chamber of Commerce. According to the Chamber’s quarterly survey of members, hiring and investment plans and business expectations are in the healthy zone, as are – most importantly – all indicators relating to the current business situation and export outlook.
The summer business survey recently conducted by Confederation of Business Associations in Hamburg and Schleswig-Holstein (UVNord) also found that the north German economy is performing well. The order books are full and expectations are optimistic, according to UVNord. More than one in three companies expects order levels to continue to rise until the end of September.
Export outlook overwhelmingly positive for Hamburg’s economy
The members’ survey conducted by the Chamber of Commerce reveals that more than half of Hamburg companies surveyed (53.8 percent) assess their current business situation as “satisfactory or typical for the season”. One in three companies (33.4 percent) answered with “good” whilst only one in eight (12.8 percent) answered with “bad”. Almost two thirds of companies (61.9 percent) expect the business situation to “remain approximately stable” over the coming twelve months.
Furthermore, 23.1 percent of companies surveyed expect the situation to be “likely to improve”, compared to just 15 percent anticipating that the situation is “likely to decline”. The chief economist of the Chamber of Commerce, Dirck Suess, continues: “The positive assessment of the export outlook for Hamburg’s economy continues seen in the last 23 quarterly surveys continues.” The biggest risks facing business development in the coming twelve months, according to the companies surveyed, consist of a potentially unfavourable economic policy framework and a decline in domestic demand.
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