The Hamburg Ministry of Economy, Transport and Innovation expects an increase in real gross domestic product of 1.9 per cent for the coming year (after 1.6 per cent in 2014 and 1.7 per cent in 2015) in its autumn. Favoured by special factors in the first half of the year, Hamburg’s economy continues to grow.
Moderate Growth in the Third Quarter
In the third quarter, only a moderate growth rate of about 0.2 per cent in comparison to the previous quarter is excepted in Hamburg compared to an 0.3 per cent growth on the level. While external economic influences negatively influence Hamburg’s growth, strong impetus is coming from Germany’s domestic economy, in particular from private consumption and excellent consumer climate. Growth will be further promoted by two more working days in Hamburg in 2016. Frank Horch, Hamburg Minster of Economy, Transport, and Innovation, said: “In Hamburg, we can compensate for the effects of a declining global economy better than other places because Hamburg has such a broad mix of industries. On top of that, we place highest importance to value creation in our economic policy. Hamburg is a very attractive location not only for companies, but also for employees and self-employed people.”
This year, employment in Hamburg will rise by ten thousand people to 1.2 million people. This corresponds to an increase of 0.9 per cent. Next year, a further increase of 9,000 people or 0.8 per cent is expected. While employment subject to social insurance contributions will rise significantly, self-employment and minor employment will decrease slightly.
The macroeconomic key figures are included in the assessment of the tax by Hamburg’s tax authorities.
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