Hamburg News: Trade and Finance. High-class shopping area in the city centre shown.
Passagenviertel / Alte Post © / Sven Schwarze

Hamburg experiencing economic upswing

Employment growth is stronger than elsewhere in Germany. Hospitality industry and tourism make significant contribution

The number of jobs liable for social insurance contributions in Hamburg increased 2.5 per cent in the first half of 2016 over the same period last year and was stronger than elsewhere in Germany, the Northern Statistical Office said Monday (September 26th) in a press release. After the previous first half of the year (Hamburg 2.0 over 1.4 per cent in the federation), marked by extraordinary effects, Hamburg had a strong increase of 1.8 per cent. The economic upward trend is continuing, according to economic authorities. The mix of economic potential with a high quality of life makes Hamburg one of Europe’s most dynamic regions.

Opportunities in Hamburg

Frank Horch, Senator for Economics, said: “Hamburg is a magnetic city for many people. People come here in the hope of a perspective and opportunities for themselves. Work is a central and key factor of success. Professionals, skilled labourers and highly-qualified experts seek out urban centres for their living environment and their future.” He added: “Hamburg has plenty to offer such as a high quality of life and diverse education opportunities.”

Ongoing growth in following sectors

Consume-orientated sectors witnessed positive growth in Hamburg. The inflation-adjusted sales in retail grew by 2.7 per cent (1.3 per cent in federation), 4.4 per cent (2.2 per cent in federation) in the hospitality industry. The number of overnight stays increased by 5.5 per cent.

Commercial construction (hours worked in companies in Hamburg: 4.2 per cent over 0.9 per cent in the federation) and manual finishing trades (nominal turnover by firms in Hamburg 8.8 per cent over 2.8 per cent in federation) profited from investments.

Sources and further information:

Gross domestic product in Hamburg in first half of 2016

The gross domestic product (GDP) as the total value of goods produced and services provided in Hamburg grew nominally (at current prices) by 2.8 per cent in the first half of 2016 over the same period in 2015. Taking into account the possibility of fluctuations in prices, that resulted in real economic growth of plus 1.8 per cent, according to the Northern Statistical Office. This growth means Hamburg is slightly under the nationwide real growth of plus 2.3 per cent.

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