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Hamburg's Economy Runs Smoothly

HWWI and Hamburg Chamber of Commerce state: Hamburg's economy is growing stronger than on national average

In spring, the mood in the Hamburg economy is as positive as at the beginning of the year. “This becomes apparent by HR planning, business expectations, investment plans, export prospects and the assessments of the current business situation”, commented Prof. Hans-Jörg Schmidt-Trenz, CEO Hamburg Chamber of Commerce, the results of the current survey among chamber members.

At the end of the first quarter 2015, the chamber’s business climate indicator for Hamburg’s economy totalled 113.7 points, and thus remained nearly unchanged to the previous year’s result (2014/15: 113.4 points). Also, business expectations of Hamburg’s business for the next twelve months continue to be bright.

Bright Prospects For Hamburg’s Economy

At Friday’s joint press conference with the Hamburg Chamber of Commerce, the Hamburg Institute of International Economics (HWWI) presented its model-based economic forecast for GDP growth in Hamburg. “The continued good business climate of Hamburg’s economy reflects the current strength of the economy in Germany”, says Prof. Henning Vöpel, director of the HWWI. Slightly improved business expectations show that the global economic environment has stabilised overall, but remains to be fragile. Uncertainties mainly exist in regard to long-term investments. A possible escalation of geopolitical conflict, or the worsening of the still unresolved euro crisis, Vögel continued, would immediately hit Hamburg’s economy immediately by afflicting foreign trade. Transport, services providers, industrial production, and construction are significantly contributing to economic growth in Hamburg.

Hamburg Benefits From Foreign Trade

All in all, Hamburg will grow stronger strongly, HWWI director Vöpel forecasts for 2015, and predicts and a 2.1 per cent next in crease in the current year, followed by a two per cent growth next year. Germany’s national GDP is expected to grow by 1.9 and 1.7 per cent, respectively. In Germany, consumer spendings and business investments will remain the most important pillars of the economy. In Hamburg, revived trade adds another impetus. The biggest risks for Hamburg’s economy over the next twelve months would thus be unfavorable economic conditions and a decline in domestic demand.

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