The Hamburg economy is off to a far better start in 2020 than last autumn, according to the Chamber of Commerce’s economic barometer. Expansive investment and personnel planning, more exports and positive views of the current and future business situation are the reasons for the positive development. “The economic developments during the past year have caused us some concern,” said André Mücke, Vice President of the Chamber of Commerce. “Many companies have become increasingly pessimistic. The results of the current economic survey are a good start to the New Year.”
Positive development and more staff
More than 86 per cent of the companies surveyed rated the business situation as good or satisfactory while 77.6 per cent expect developments to remain the same or to improve this year. According to the Chamber of Commerce, the positive trend will be noticeable on the labour market. More than 21 per cent of companies plan to hire personnel. Above-average employment growth was particularly noticeable in the construction and service sectors.
Business risk – economic policy environment
About 55 per cent of the companies surveyed said the economic policy framework conditions pose the greatest business risk – not the shortage of skilled labourers (51.6 per cent), which “remained unchanged at 60.8 per cent in 2019. The biggest obstacles for companies are bureaucratic expenditure, statutory regulations, energy-saving requirements, tax and duties, property policy or the uncertain outcome of the election to the Hamburg State Parliament. Concerns were also expressed about declining demand at home and abroad. Mücke pointed out: “The uncertainties of Brexit and the trade disputes between the U.S. and China are weighing increasingly on the export-strong German economy and in particular on Hamburg’s very foreign trade-orientated economy.”